AUD/JPY 1H Chart: Triple Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian currency in its cross with Japanese yen has formed a rare and very qualitative triple bottom pattern, which began emerging on November 21. The pair is still trading inside its boundaries, but that next couple of hours are likely to determine the future development. The pattern will be considered as confirmed, in case it jumps above the trend-line (top between two valleys). However, neither market participants nor technical indicators are waiting for that. The former are holding short positions on the Aussie in 71% of all cases, which daily studies point to the downside. It means that we can wait for the cross to commence a bearish break-out from the pattern any time soon.
© Dukascopy Bank SA
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