AUD/JPY 4H Chart: Triple Bottom

The Australian Dollar's outlook against the Japanese Yen is strongly positive. Over the past four weeks the bears have failed three times to send the pair much below the 78.40 zone, meaning the upside pressure there is on the rise. While the intermediate resistance is now represented by the weekly R1 at 79.93, the most crucial test will take place near 80.56 when AUD/JPY will confront the second weekly supply along with the horizontal trend-line of the pattern. A bullish failure here, as still indicated by the daily technical indicators, would mean the pair will be set on course to form a rectangle pattern. Alongside, their success will expose another vital resistance, namely the 200-period SMA at 81.46.