AUD/JPY 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a high-quality double top forming in the hourly chart of AUD/JPY, since there were no pauses on the run up from a solid support at 90 yen to the first peak. The price should now close beneath the neck-line at 91.26 in order to confirm the pattern, which will imply a decline to the Jul 31 low. At the same time, the technical indicators are against such a course of events: hourly and four-hour studies are pointing north. In case the Aussie rises above the Aug 4, this will invalidate a bearish outlook, and we will expect a test of the Jul 15 high at 92.43. As for the sentiment, an overwhelming majority of the SWFX market participants is long the Aussie, namely 74% of them.
© Dukascopy Bank SA
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