BabyPips.com FX-Men Team
BabyPips.com
AUD/JPY: 4-hour
AUD/JPY is currently testing the 87.80 area, a resistance level that hasn’t been broken since late October. One look at the 4-hour chart also tells us that the bulls have been defending a rising trend line since the start of the month. Will this standoff lead to an upside breakout for the Aussie? If you’ve read the School of Pipsology, then you’ll know that triangle breakouts could be as volatile as the height of the triangle. This means a break above 88.00 could take AUD/JPY to 90.00 while a downside breakout could also take the pair back to its late October lows.
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