AUD/JPY 1W Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
In June of the previous year AUD/JPY abandoned constraints of the major bullish channel after it had peaked near 103 yen. Then the pair established a new one but sloped downwards. Right now the Australian Dollar is moving away from the upper trend-line, and the current sell-off should soon give way for a bullish correction from 74 yen, where the green support line joins forces with the 2012 minimum. An additional target for shorts is 72 yen, namely the lowest level since 2010. As for the potential rebounds, they are likely to be limited, considering that there is a solid supply area around 85 yen and that the Aussie is heavily overbought—71% of the SWFX traders are holding long positions.
© Dukascopy Bank SA
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