Dukascopy Bank Team
Dukascopy Bank SA
USD/JPY 1H Chart: Broadening Rising Wedge
Comment: U.S. Dollar has been outperforming the Japanese currency since the 5th of September. However, instead of keeping the trading range constant, the swings from one trendline to another were becoming wider with each wave, leading in the end to formation of the broadening wedge. Currently, the pair is moving towards the lower boundary, thus since this is a reversal pattern the resistance line around 107.91 is in danger. The technical indicators are more to the upside; although, there is no strong conviction. Nevertheless, the traders are strongly bearish on the pair, with 69.19% of them expecting the pair to decline; therefore, the weekly PP at 108.41 seems the most likely target for the time being.
AUD/JPY 4H Chart: Channel Up
Comment: AUD/JPY received a strong bullish impetus, after challenging the major level at 94. Since then the currency pair has been in the up-trend. However, at the moment the pair is hovering near the lower trend-line, thus strengthening the bearish break-out scenario. At the mean time, the technical studies are neutral. Nonetheless, since this is a reversal pattern and since the AUD/JPY cross is trading near the lower boundary it is increasing the possibility of a break-out to the downside. The traders’ sentiment is strongly bullish as 73.76% of them expect the Australian currency to outperform against the Japanese Yen. The short-term outlook remains bearish.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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