AUD/JPY 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar has been depreciating since last year's November, but there are signs the currency will no longer underperform the Japanese Yen. AUD/JPY is currently forming a falling wedge, a pattern that portends a reversal of a bearish trend. The case is hardened by the Aussie facing a dense demand area around 92.00, created by the Oct low, down-trend, weekly S1, and monthly S2. A deeper decline, down to 91.00 or 90.00, will not invalidate this scenario, these levels can also prove to be the turning points. Concerning the SWFX market sentiment, it is distinctly bullish, 72% of open positions are long.
© Dukascopy Bank SA
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