AUD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar was trading close to a one-year high against the Japanese Yen during more than a month ended early May when the pair slid into a channel down pattern.
Despite being a subject to a heavy selling pressure, AUD/JPY demonstrated unwillingness to plunge below a two-month low of 93.05 hit on May 21. A stab to this low provoked an accelerating advance that pushed the pair out of the bearish channel. The exit from the pattern means that a sharp advance may lie ahead. The SWFX data also bolsters this idea-almost 70% of traders bet on appreciation of the pair.
© Dukascopy Bank SA
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