AUD/JPY: 1-hour
Bounce or break? AUD/JPY is currently testing the top of the falling trend channel on its 1-hour forex time frame, waiting to see if the downtrend will carry on or not. Stochastic seems to be favoring another selloff, as the oscillator is starting to move out of the overbought area and reflect a pickup in selling pressure. A drop could take AUD/JPY back to the bottom of the channel, which is around the 94.25 level, while an upside breakout past the 96.00 mark could signal a reversal for the pair. Make sure you review our lesson on Trading Breakouts if you’re bullish on this one!
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