AUD/JPY: 4-hour
Ready to bounce? After testing the resistance at the top of the ascending triangle on its 4-hour forex chart, AUD/JPY is making its way down to the bottom of the triangle. Another bounce might be in the cards if the 95.00 handle holds as support, as stochastic is already moving out of the oversold zone. In that case, AUD/JPY might make a move back to the top of the triangle near the 96.00 mark. If selling momentum is strong enough though, a downside break from the triangle might take place and push the pair lower by as much as 500 pips, which is the same height as the chart pattern.
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