AUD/JPY 1H Chart: Rising Wedge

Note: This section contains information in English only.
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
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