AUD/JPY 4H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After hitting the present pattern's high at 97.33 in the middle of May, the AUD/JPY currency pair has been under intensive bearish pressure. Short traders managed to push the Aussie down for two times in May and June, which resulted in the emergence of the double top pattern. However, it seems that now the pair is getting a third chance to rally. The bullish case is broadly supported by medium and long-term technical indicators, as well as 71% of SWFX traders. Moreover, the Australian Dollar should be strengthened by the monthly PP at 95.31, while the 55-period SMA still hovers above the 200-period SMA, meaning that the general trend of the pair remains positive.
© Dukascopy Bank SA
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