AUD/JPY: Trading the Descending Channel

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AUD/JPY: Trading the Descending Channel

AUD/JPY: Trading the Descending Channel

AUD/JPY has been steadily trading downward forming a descending channel on the hourly chart. While the pair is still in consolidation, we may soon see a retest of resistance at the top of the channel before it trades lower to test support around its previous lows at 94.50.

Waiting for reversal candlesticks like dojis around the resistance area is advisable before taking a short position on the currency pair.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com.

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