AUD/JPY 4H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie is expected to weaken not only against the Euro, but also against the Yen. AUD/JPY has just bumped into a falling resistance trend-line, which should trigger a sell-off. This line is also the upper boundary of a symmetrical triangle, which indicates a high possibility of major trend continuation, in this case—a break-out to the downside, through support at 83.40. The next objective will then be 79.40, the October 2012 low. Alternatively, should the price close above 86.30, there will still be a good opportunity for the bears to regain control of the situation at 87.50, the September low, while beyond this level the pair will probably target the August peak at 92.70.
© Dukascopy Bank SA
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