AUD/JPY 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
If we consider the last 115 candlesticks on the four-hour chart of AUD/JPY, there is a strong case of the ascending triangle emerging at the moment. From the upside fluctuations of the price are limited by the formidable horizontal resistance level at 94.00, which proved to be relevant already in September. From beneath AUD/JPY is underpinned by the rising support line, which was formed soon after a recovery at 91.09 was started. However, it seems that the up-trend has just been breached to the downside, meaning that regardless of the ‘buy' signals on the daily and weekly time-frames and the 200-period SMA, the exchange rate is likely to head towards the Dec 18 low.

© Dukascopy Bank SA
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