AUD/JPY: 4-hour
Will it be a bounce or a break? AUD/JPY is gearing up to test the top of the ascending triangle on its 4-hour forex chart. Stochastic is already indicating overbought conditions, which means that Aussie bears are ready to push price back down. Take note that the top of the triangle lines up with the 96.00 major psychological level, which might continue to hold as resistance. In that case, price could drop back to the bottom of the triangle around 95.00. If price makes a breakout though, the resulting rally or selloff might last by as much as 500 pips, which is the same height as the chart pattern.
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