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The vertical line is known as the y axis. It is nothing more than a measuring stick to count how far up or down a point is from the horizontal line. The horizontal line, then, is known as the x axis and measures the distance left or right from the vertical line.
While the Y axis is a Value type axis, the X axis can be a Category type axis or a Value type axis. Using a Value axis, the data is treated as continuously varying numerical data, and the marker is placed at a point along the axis which varies according to its numerical value.