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AUD/JPY 4H Chart: Likely To Maintain Channel

The Australian Dollar declined by 3.35% against the Japanese Yen during last week’s trading sessions. The currency pair breached the 50– period simple moving average last week.

All things being equal, the exchange rate is likely to maintain an ascending channel pattern during the following trading sessions. The potential target for the AUD/JPY pair would be near the 85.00 level.

However, the weekly resistance level at 84.01 could provide resistance for the currency exchange rate in the shorter term.

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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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