AUD/JPY 4H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the Aussie has been heavily sold off since the end of April, there is a good chance the bearish momentum is soon to give way for a rally, at least in the near term. The main reason to be bullish on AUD/JPY is the way the pair consolidates—it is forming an ascending triangle, which implies growing demand. Accordingly, if the price closes above 80.50, we will expect the rate to climb higher, potentially up to 82 yen, where the 200-period SMA coincides with the May 3 high. A longer-term recovery, however, is to be capped by the 13-month down-trend at the level of 85 yen, being that there is hardly any room for new buyers to enter the market—74% of positions are long.
© Dukascopy Bank SA
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