AUD/JPY is trading in a short-term symmetrical triangle which was formed when the rate entered a consolidation period near the lower boundary of a senior channel.
Even though the Aussie should head towards the upper channel boundary in accordance with the senior pattern, the aforementioned consolidation period may demonstrate that bulls are no longer able to outperform bears consequently form a distinct wave north in the long term.
In the short term, however, the Aussie is still likely to push up to the upper triangle boundary around 86.80, breaching a combined resistance of the 100– and 200-hour SMAs and the weekly PP circa 86.60 along the way.
Even though the Aussie should head towards the upper channel boundary in accordance with the senior pattern, the aforementioned consolidation period may demonstrate that bulls are no longer able to outperform bears consequently form a distinct wave north in the long term.
In the short term, however, the Aussie is still likely to push up to the upper triangle boundary around 86.80, breaching a combined resistance of the 100– and 200-hour SMAs and the weekly PP circa 86.60 along the way.
