AUD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After touching a five-month low of 88.27, AUD/JPY reversed its trend and entered a bullish corridor that took it to a one-year high of 95.54 early April. At the moment, the pair is sitting slightly above the 200-bar SMA meandering at 95.37 and it is likely to prolong its winning streak in the hours to come given that almost 70% of orders are paced to buy the pair, according to the SWFX data. To make this happen, AUD/JPY has to breach a bunch of resistances at 95.64/96 that if overcome may push the currency couple to 95.80/5 (daily R1, R2; four-hour R3), above which only 96.20 (daily R3) is capable to prevent the pair from re-approaching the one-year high.
© Dukascopy Bank SA
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