AUD/JPY 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/JPY entered a symmetrical triangle in the second part of July and now is on the verge of a breakout. Considering that the instrument has been sticking to the upper limit of the triangle for the last 15 hours as well as the fact that four traders out of five bet on appreciation of the pair in the hours to come, the breakout is likely to be bullish. If this comes true, AUD/JPY may bounce off the 50-hour SMA at 95.78 that would trigger a rally towards the next level of 95.85/9 (four-hour R1; daily R1) lying outside the pattern. In case the pair is capable to consolidate above the latter mark, it may attempt to jump to 95.92 (four-hour R2) and then to 96.00 (four-hour R3; daily R3).
© Dukascopy Bank SA
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