AUD/JPY Flirting with Record Highs; Eyeing Higher Levels
Actualizado
The Australian dollar (AUD) is on a tear versus the Japanese yen (JPY) and displays little sign of slowing, with the AUD/JPY currency pair recently refreshing all-time highs of ¥108.60 after rupturing the ¥107.86 peak formed in 2007.
All-Time Highs and H4 Ascending Triangle
Regarding current price action, ¥107.86 will likely be viewed as a potential support level. Moving across to the H4 timeframe, you will note that after the pairing ventured north of ¥108.00, buyers and sellers have been busy carving out a potential ascending triangle, drawn from ¥108.58 and ¥108.03. In strong trending environments such as what we’re in now on the AUD/JPY, the ascending triangle formation is considered a continuation pattern. This means that a breakout to the upside is potentially on the cards, particularly as price is nearing the apex of the ascending triangle.
A breakout to the upside is usually traded in one of two ways: either enter long on a H4 close above the ascending triangle and take aim at the ¥109 region as an initial take-profit objective, or wait and see if price action retests the breached boundary as a support and enter based on that level holding, again targeting ¥109 as an initial upside objective.
All-Time Highs and H4 Ascending Triangle
Regarding current price action, ¥107.86 will likely be viewed as a potential support level. Moving across to the H4 timeframe, you will note that after the pairing ventured north of ¥108.00, buyers and sellers have been busy carving out a potential ascending triangle, drawn from ¥108.58 and ¥108.03. In strong trending environments such as what we’re in now on the AUD/JPY, the ascending triangle formation is considered a continuation pattern. This means that a breakout to the upside is potentially on the cards, particularly as price is nearing the apex of the ascending triangle.
A breakout to the upside is usually traded in one of two ways: either enter long on a H4 close above the ascending triangle and take aim at the ¥109 region as an initial take-profit objective, or wait and see if price action retests the breached boundary as a support and enter based on that level holding, again targeting ¥109 as an initial upside objective.
Nota
Breakout to the upside materialised; price is nearing ¥109.
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