AUD/JPY 1H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment of writing the pair was rapidly approaching the upper trend line, indicating that higher prices will come soon in case the level is breached. The recent false breakout is another sign of strength in bullish sentiment (74% of opened positions are long). Even though technical indicators on hourly and daily charts are sending "sell" signal, the outlook for the pair is bullish, as once the resistance line is penetrated, the pair will move higher. Moreover, both trend lines were supposed to converge on October 9, so not later than in 2 days the pair would be highly volatile. Furthermore, trading volume is constantly decreasing, reinforcing a view of upcoming rally.
© Dukascopy Bank SA
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