AUD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie is depreciating against the Japanese Yen in a descending channel pattern, as the currency exchange rate retreats after encountering a strong resistance level. The pair recently encountered the 50.00% Fibonacci retracement level at 87.53, which connects the 2014 high and 2016 low levels. However, it had to be added that the 2016 low level is exactly the same as the low level of 2011, which actually provided the support for the rate to rebound in June. On a smaller scale the descending channel's upper trend line is simultaneously the upper trend line of triangle pattern. By taking all the combined factors into account an assumption can be made that the pair will break out to the downside, and it will be stopped by the 38.20% Fibo at 83.98.
© Dukascopy Bank SA
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