AUD/JPY 1D Chart: Symmetrical Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/JPY soared to yearly highs at 87.38 in an accelerated motion, proving that the some time to execute a correction is needed on the daily chart and has therefore sketched an ascending triangle formation. The triangle brings little doubt that the pair will continue the surge when the upper trend-line is broke due to several reasons, including the false breakout of the boundary in February as well as facilitation from underlying SMAs and an Ichimoku cloud. The first area to test after the upper trend-line breaks will come at 87.94/88.00 and could serve as short-term supply for a correction.
© Dukascopy Bank SA
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