AUD/JPY 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Initially, AUD/JPY appeared to be forming an ascending triangle, but a rising wedge now fits the chart better. Nevertheless, this does not change the outlook on the pair, as both patterns indicate weakening demand. In the nearest future the Aussie should violate the support trend-line at 92.80, which will pave the way to the Feb 17 low at 91.60. If the downward pressure persists, and it is highly likely to, the next target will be the Feb low at 89.40. Meanwhile, the upside is limited by immediate resistance at 93.44 (monthly PP and resistance trend-line). Additional supply areas are supposed to be located at 94.00 and at 94.63.
© Dukascopy Bank SA
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