AUD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The AUD/JPY has been in correction since April. There is a broadening falling wedge on the 4H chart, with two recent highs moving slightly above the upper trend line. Moreover, the channel up pattern formed on May 21 is a clear indication of the strong uptrend. Keeping in mind traders are buying the pair in 59% of cases, as well as ‘buy' signals from technicals on the 4H and weekly charts, the outlook is bullish. A move above daily R1 will put two recent highs on the map, hence, long traders should focus on 96.108 and 96.250. Moreover, bulls will face resistance from daily R2 at 96.140, right between two major levels.
© Dukascopy Bank SA
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