AUD/JPY technical analysis: Choppy inside ascending triangle

Short-term rising triangle portrays the AUD/JPY pair moves.
Steady RSI indicates less momentum unless either side breakouts.

Anil Panchal FXStreet

With little momentum inside a week-long ascending triangle formation, the AUD/JPY pair takes the rounds to 74.60 during the early Asian session on Wednesday.

Not only immediate technical formation but lack of change in the 14-bar relative strength index (RSI) also signals redundant trade sentiment unless either side of the pattern breaks.

In doing so, a clear break of 74.80 resistance-line can propel the quote towards 75.00 and then to the 75.40.

On the flipside, 74.13 and 73.92 can entertain sellers on the slip beneath 74.40 pattern support.

AUD/JPY hourly chart

Trend: Sideways

1. R3 75.33
2. R2 75.07
3. R1 74.88
PP 74.62
1. S1 74.43
2. S2 74.17
3. S3 73.98

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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