AUD/JPY technical analysis: Symmetrical triangle limits immediate moves
|- Short-term symmetrical triangle limits trading within 76.20 and 75.70.
- Another downward sloping trend-line acts as additional upside resistance.
With its latest pullback from 76.15, AUD/JPY portrays a short-term symmetrical triangle formation on the hourly chart during early Wednesday.
As a result, the quote may now revisit 75.90 immediate support ahead of highlighting pattern’s lower-line at 75.70.
Should there be increased selling pressure beneath 75.70, 75.50, 75.30 and 75.00 are likely consecutive rests that bears may target.
Meanwhile, pair’s break of 76.20 resistance can trigger its recovery to another descending trend-line stretched since May 08, at 76.55, a break of which may question 61.8% Fibonacci retracement level of current month decline, at 76.60.
If prices rally past-76.60, 77.00, 77.25 and 77.40 should be the next landmarks for buyers to watch.
AUD/JPY hourly chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.