AUD/JPY 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since mid-March the Australian Dollar has been on the rise against the Japanese Yen and the pair is not likely to cease its advance in the hours to come since the descending triangle pattern formed early April seems to have failed to contain the pair's climb. If the pair succeeds in consolidating above the triangle boundary, it is likely to witness an accelerating advance that may push it above the 50-and 200-hour SMAs, meandering at 95.52 and 95.70. The bullish scenario is also bolstered by the SWFX numbers, showing that 73% of market participants expect AUD/JPY to gain in the foreseeable future.
© Dukascopy Bank SA
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