AUD/JPY technical analysis: Symmetrical triangle limits immediate moves

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  • 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

 

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