AUD/JPY 1H Chart: Triple Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A slump to a four-month low of 88.24 was a starting point of the 367-bar long triple top pattern shaped by AUD/JPY. While forming the pattern, the pair peaked close to the level of 92.97, a one-month high, for three times and now is heading towards the neck-line at 91.09. Only two levels: 91.40 and 91.10 (daily S1, S2) prevent the pair from attaining this limit after which the down-trend is likely to predominate in the pair's moves. Additional pressure may stem from the ‘death cross', which happened several hours earlier and may continue pushing the pair down. Technical data also is pointing to a possible weakness before long.
© Dukascopy Bank SA
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