AUD/JPY 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/JPY has been retreating from the level close to a one-month high whilst the formation of the rising wedge pattern started. The pattern originated in mid-January and has lasted for more than 160 hours; however, now the pair seems to have provided traders with an opportunity to make profit given that it broke through the lower limit of the wedge three hours ago. At the same time, this breakout should be viewed with caution as it may appear false since the convergence point lies far away and since more than two-thirds of traders are bullish on the pair.
© Dukascopy Bank SA
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