AUD/JPY 4H Chart: Several channels at play
The Australian Dollar has been moving in several channels down against the Japanese Yen. The most important of which is the medium-term descending channel form on June 7 and has guided the currency pair lower.
During the past few days, the exchange rate has been trading sideways within the range of 81.73 and 80.77.
Given that the AUD/JPY currency exchange rate has breached the upper boundary of the descending channel, the nearest target for the pair could be a strong resistance level near 82.62 set by the combination of the 55-,100-,200-hour SMAs and the monthly and weekly PPs.
During the past few days, the exchange rate has been trading sideways within the range of 81.73 and 80.77.
Given that the AUD/JPY currency exchange rate has breached the upper boundary of the descending channel, the nearest target for the pair could be a strong resistance level near 82.62 set by the combination of the 55-,100-,200-hour SMAs and the monthly and weekly PPs.
On June 6, the AUD/JPY exchange rate changed its sentiment and began a new wave down. However, during the past two weeks, the Australian Dollar has been moving sideways against the Japanese Yen.
The decline has sent technical indicators to be on a neutral zone, especially in the shorter term.
Everything being equal, a breakout from the trading could be expected during the following trading sessions. In addition, technical sentiment suggests that the decline could continue in the longer term.