AUD/JPY 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp advance performed by AUD/JPY took the pair to a one and a half year high of 99.72; moreover, since the middle of October the pair embarked upon a formation of 106-bar long rising wedge pattern.
Most likely the currency pair will not continue its bullish trend for much longer since the pattern's trading range is becoming very narrow. However, the break-out is very much anticipated. Even though the 4H and daily technical studies are bullish, we are somewhat sceptical of the pair surpassing the psychological level at 100. Also, the majority (61.38) of the SWFX traders' think that the Aussie is overbought already and the pair is likely to decline.
© Dukascopy Bank SA
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