AUD/JPY 1W Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar started a falling wedge pattern against the Japanese Yen in the middle of March 2014. Last month, the currency exchange rate rebounded against the patterns lower trend line at 75.27, and, in accordance to the pattern, it is set to move upwards in the next few months. On its way up the pair faces the monthly pivot point at 77.04 and first monthly resistance at 81.54 until it reaches the patterns upper trend line at 84.00. However, the pair might first still decline until a surge appears, as aggregate technical indicators forecast a fall for the pair this week, and, moreover, 73% of open SWFX trader positions are long, which indicates of an upcoming sell off.
© Dukascopy Bank SA
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