Dukascopy

AUD/JPY 1H Chart: Aussie breaches channel

FX:AUDJPY   Australian Dollar / Japanese Yen
The Australian Dollar has strengthened against the Japanese Yen in an ascending channel since mid-March. This bullish sentiment began when the pair reversed from a 2017/2018 low of 80.54.

By April 13, the Aussie had reached the 84.00 mark, and it seems that bulls have exhausted their upward momentum. It failed to reach the upper channel line earlier this week and subsequently breached this pattern and the 55-, 100– and 200-hour SMAs to the downside.

Technical indicators are currently located in the oversold territory which could point to a soon correction northwards in the short term. In this case, the Aussie should target the aforementioned SMAs and the 38.20% Fibonacci retracement at 83.30 and 83.80, respectively.

In general, the pair remains bearish for the upcoming week with the downside potential being located at 80.50.

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