AUD/JPY 1H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early May, the Australian Dollar has been in the up-trend against the Japanese Yen. The advance started close to a three-month low and has been developing inside two gradually diverging upward sloping lines.
Several hours earlier, AUD/JPY neared the lower boundary of the corridor; however, a further slide is unlikely given a solid support pertaining to the 50-hour SMA at 95.18 as well as strong bullish sentiment on the SWFX-almost 78% of market players bet on appreciation of the pair. Meanwhile, technical indicators belie this opinion, sending a strong ‘sell' signals for the short-term.
© Dukascopy Bank SA
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