Long

AUDJPY Channel Up approaching its bottom.

The AUDJPY pair has been trading within a Channel Up pattern since the August 05 Low and yesterday broke below the 1D MA50 (blue trend-line). The previous Low of the pattern was priced on the 0.618 Fibonacci retracement level as well as when the 1D RSI started rising after almost hitting the oversold (30.00) barrier.

As a result we are looking for a buy below 97.500, targeting 104.000 (just under the -0.236 Fibonacci extension, which was the last Higher High).

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