AUD/JPY 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie/Yen currency cross has formed the present rising wedge pattern almost a month ago. At the moment the pair is trading at the lower trend-line around 98.23, which is also strengthened by the four-hour S1 level. Sentiment on the future development of this currency pair is mixed, being that almost 72% of traders expect the violation of the pattern's support, while long-term technical indicators send a distinct bullish signal. We assume the Aussie to bounce from the trend-line and move upwards, as from the downside it is supported by a large number of important levels. On the way up, at first the Aussie will have to breach a resistance at 98.36/37, represented by daily and four-hour S1.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.