AUD/JPY 4H Chart: Channel Up

We are still waiting for the moment when the Aussie will commence a climb from the lower edge of the channel up pattern. There is a decent probability that AUD/JPY will succeed ultimately, because all major technical levels are located below the spot price. However,  bullish strength will be tested at the current March high near 86.42. The next resistance follows shortly at 86.73 (weekly R2). In case the pair grows above here, the weekly R3 at 87.58 will become the only bearish hope before the pattern's upper boundary at 89.06. Meanwhile, risks of a drop are fuelled by the SWFX market sentiment (70% long), but only a plunge under the weekly PP at 85 will neutralise the bullish outlook.