AUD/JPY 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching the highest level in more than a year of 98.69, the pair's bulls gave up and a falling wedge pattern started to form. Currently, AUD/JPY is challenging the pattern's lower boundary, where the monthly PP (96.14) is located. Although, the technical indicators and SWFX market participants are largely neutral on the pair we expect that the pattern's support level at 96.03 could be tested. If the pair rebounds from that level then an advance towards the 200-day SMA seems the most probable outcome. However, if the Aussie slides below support then the 0.95 level becomes the target.
© Dukascopy Bank SA
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