AUD/JPY Large Channel Breakdown

• AUD/JPY broke below the large channel that dominated the price action since end of 2001
• High probability setup points to a move toward 38.2 Fib of the 56.20-91.37 AUD Rally
• Failure analysis points to a move toward the multi-year high

Key Levels - Current Price: 83.58

Level   Type       Significance
91.37    Resist     Multi-Year High
83.07    Support   23.6 Fib of the 56.20-91.37 AUD Rally
77.94    Support   38.2 Fib of the 56.20-91.37 AUD Rally
73.74    Support   50.0 Fib of the 56.20-91.37 AUD Rally
69.65    Support   61.8 Fib of the 56.20-91.37 AUD Rally
63.73    Support   78.6 Fib of the 56.20-91.37 AUD Rally
56.20    Support   Multi-Year Low

Weekly Chart

Daily Chart I

Daily Chart II

Daily Chart III

Sam Shenker is a Technical Currency Analyst for FXCM.