EURJPY Analysis: Potential Target At 128.42

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A three-week descending channel has guided the movement of the Australian Dollar against the US Dollar. The currency pair reversed from the upper boundary of the channel pattern on September 22 and followed by a downside wave.

By the middle of the European session on Tuesday, the exchange rate was stranded between SMAs. The 100-hour simple moving average was providing resistance at 0.7084, while the 50-hour moving average was providing support at 0.7066.

A breakout from the SMAs is likely to occur within this session. Technical indicators on both the smaller and the larger time frames suggest that the currency exchange rate will continue its southern movement during the following trading session.

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