AUD/JPY 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A decline to a two-month low of 91.06 in mid-December mollified downside pressure and helped the Australian Dollar to regain strength against the Japanese Yen. Having hit this low, the pair started to shape a rectangle pattern that now is about 100-bar long.
AUD/JPY is likely to advance in the foreseeable future as 76.92% of market participants are bullish on the pair. To validate traders' opinion, the currency couple has to bounce off the 200-bar SMA, near which it is faltering now, this may push a formidable resistance at 93.43, the 50-bar SMA, to the fore.
© Dukascopy Bank SA
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