AUD/JPY 4H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After trading sideways for three-months ended in mid-December, AUD/JPY performed several more distinct moves that were enough to shape the ascending triangle pattern with quality and magnitude well above average.
At the moment, we may observe a decline that occurred after the pair broke through the support line of the 115-bar long pattern. However, the drop may have been much steeper unless the 200-bar SMA had mollified the downside pressure thus preventing a further depreciation. In the hours to come, the pair may try to bounce off this prop given bullish signals of technical indicators.
© Dukascopy Bank SA
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