AUD/JPY 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/JPY followed a half-year senior uptrend on the daily chart, but managed to break underneath and start a retracement. A falling wedge, however, signals that the violation might be a false one due to bullish pressures building up inside the pattern. The next upside target is at 86.73, the crossing between the upper boundary of the rising wedge pattern and the senior trend-line, and we will then look for the pair to distance itself from it and 88.12 could be the next big target. Due to the multiple significant levels that lie on the way, the motion might flatten out and extend timewise.
© Dukascopy Bank SA
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