AUD/JPY 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian dollar has been declining against the Japanese yen since the very beginning of this year. Moreover trading range and volumes are, in turn, rising. Therefore, the broadening falling wedge pattern has been created on a hourly chart for AUD/JPY currency pair.
Recently the cross bounced from the upper trend-line and is heading  downwards. Taking into account a strong supply zone around 96.20, we suggest the Aussie is getting ready for a long-term depreciation. Despite all,  while technical indicators are neutral, market participants are suggesting the pair will recover soon as more than 72% of all opened positions are long.

© Dukascopy Bank SA
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