AUD/JPY 1H Chart: Rising Wedge

Just as AUD/SGD we mentioned yesterday, AUD/JPY too has been lately fluctuating within two rising trend-lines, though with the lower one being slightly more positively sloped than the upper one. Therefore we may claim that the currency pair has formed a rising wedge pattern, which implies a heightening chance of a change in direction the closer the pair moves towards the apex of the figure.

However, the market participants expect the Australian Dollar to remain on a bullish path, being that 74% of them are having long positions opened.