AUDJPY forming a nice triangle pattern

The AUDJPY cross was trading somewhat higher on Tuesday and was seen hovering at around 73.65 during the US session. 

It looks like a nice triangle pattern on the four-hour chart and the Aussie has been consolidating in this triangle for some weeks now. 

The upper bound of this triangle is at the bearish trend line, which is currently near 73.80. If this level is taken out, a strong rally could occur, targeting the critical resistance zone of previous highs and lows, which is between 74.30 - 74.45. The cross needs to push above this level to make the mid-term outlook bullish again. 

Alternatively, the lower support line of this triangle pattern is near 73.35 and if its broken to the downside, a steeper decline might happen.

The first target for bears could be near 72.60, where June lows are located and afterward the AUDJPY cross could drop 71.80/70.
Cookie Policy: The Axiory website uses cookies and by continuing using the website you consent to this. Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Please read the full Privacy Policy.