AUD/JPY 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Aussie is strengthening against major currencies for a long period of time and represent a huge problem for Australian exporters, however, further appreciation of AUD/JPY is likely, as indicators on 4H and weekly chart are sending "buy" signals. It seems that bears are experiencing strong difficulties around 93, as a bunch of key support levels are located in a 70 pips range, hence a downside breakout is unlikely. As the outlook is bullish, long traders could focus on a 94.076, and in case it is breached, only weekly R2 and R3 would stand between bulls and recent high at 95.686. This is more than 150 higher above the Weekly R1, it can be considered as a key level for AUD/JPY.
© Dukascopy Bank SA
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