equal, the AUD/JPY exchange topwell forex rate might continue trading in a descending channel because technical indicators suggest bears is likely to grow stronger during the following days. Well lower the stop when AUD/JPY breaks.51 low. Given that the three SMAs are located above the price level, it is expected that the currency exchange rate breaks the one-month ascending channel pattern within this session.
AUD jPY, pivot Points, action, forex
The Australian Dollar has been strained in several channels down against the Japanese Yen. The bullish sentiment that began early September has guided the AUD/JPY currency pair higher towards the upper boundary of a descending trend line.50. In the one-hour time frame, the currency pair breached the.80 Fibonacci retracement level and slowly moving south. This retracement can be measured by connecting the low.26 and the high.53. The exchange rate reversed from the upper border of the downtrend line a few days ago and currently trading near the bottom boundary of a one-month ascending channel.54. This level is close.8 retracement.39.29.22.