AUD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/JPY is currently undergoing an upward correction within a major down-trend that started at the end of 2014. This has led to formation of a bullish channel, which might not be of high quality right now, but still could give a sense when to expect changes in the shorter-term trends. We expect the sell-off from 88.60 to extend through the long-term SMA at 85.30 down to 83 yen, where buying should pick up, triggering a new bullish wave. Alternatively, if the rate jumps through the Oct 12 high, the price will likely go straight up to 93, where we have a solid resistance zone created by the monthly R3, August high and also the upper boundary of the channel formed in the daily chart.
© Dukascopy Bank SA
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