AUD/JPY 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After crossing 92.923 on December 23, AUD/JPY entered a period of consolidation and since than has been moving sideways. There have been four touching points, however, neither of sides was able to push the pair above or below the trend line. As soon as the breakout occurs the pair can be highly profitable for traders, as both quality and magnitude are above the average values. While short-term technical indicators are suggesting a dip towards 200-period SMA, market sentiment (57% bullish), pending orders (58% to buy in a 100-pip range) as well as technical indicators on a daily and weekly charts are pointing at a move to the north, putting pattern's upper boundary on the map.
© Dukascopy Bank SA
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