AUD/JPY 1H Chart: Channel Down
- The Australian Dollar is losing value against the Japanese Yen in a two weeks long descending channels.
- The formation represents a rebound of the currency exchange rate from the upper trend-line of a preceding ascending channel.
- Except for the little overstep beyond the pattern’s boundary in the last day of July, the channel has four distinctive confirmation points.
- In addition, during this week the currency pair was moving along the 55- and 100-hour SMAs, which regularly blocked the path to the north.
- For this reason, a rebound from the pattern’s northern boundary later this day seems a feasible scenario.
- However, even if the pair succeeds to break to the top amid the positive macroeconomic figures from Australia, the daily surge most likely is going to be limited by the 200-hour SMA.
