© Dukascopy Bank SA
After bottoming out at 86.41 in August AUD/JPY has finally been able to commence a robust recovery. And, following the sharp gains made in September, the rally became more paced, being limited by two up-trend lines.
Right now the currency pair is at the lower line, which is highly unlikely to let the Australian Dollar depreciate below 92.48. Instead it is expected to send AUD/JPY through the 200-period SMA at 93.54 towards the upper boundary of the bullish channel at 97.00. A surge in the exchange rate is also assumed by 74% of SWFX market participants—they are holding long positions on the Aussie against the Yen.
© Dukascopy Bank SA