HomeContributorsTechnical AnalysisAUD/JPY 4H Chart: Tests Weekly PP At 79.03

AUD/JPY 4H Chart: Tests Weekly PP At 79.03

During the last week, the Australian Dollar appreciated about 1.82% against the Japanese Yen. This surge was stopped by a resistance level set by the weekly R1 at 79.72.

The exchange rate tested the lower band of an ascending channel during the morning hours of Thursday’s trading session.

If a support level formed by the bottom border of the channel pattern as mentioned earlier holds, bullish traders could push the currency pair towards a psychological resistance level at 80.00 during the following trading sessions.

Meanwhile, technical indicators flash sell signals on the weekly time frame chart.

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This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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