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AUDJPY Descending Wedge Could Soon Offer Up a Trade

AUDJPY Descending Wedge Could Soon Offer Up a Trade

Paul Robinson, Strategist

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Since the decline from over 9000 began AUDJPY has been treading lower in a manner which has created a descending, or falling wedge formation. Within the context of markets which are broadly pointed higher these patterns tend to lead to a resumption in the direction of the trend. In addition to the pattern having a bullish bias at this point, the apex of the pattern could soon arrive at a nice intersection of support by way of a pair of trend-lines and a horizontal level. The first trend-line dates back to the June low while the second t-line extends back to August. The swing-high created on 9/1 also coincides with these trend-lines.

AUDJPY doesn’t need to drop into support for this set-up to be validated, but a decline into and rejection from support would bolster confidence in seeing the trade work out. The pattern is mature enough at this juncture that a closing 4-hr candle above the top-side trend-line will be our cue for entry. Stop placement if triggered will be 20 pips below the lowest point of the pattern. The first target arrives at 8968 and then the month-high at 9030. Preferred placement of limit orders is 20 pips below these levels in the event sellers show up ahead of resistance.

GBPJPY could be another Yen-cross which puts in a wedge leading to higher prices, but is not yet mature enough to take into consideration. Should it reach that point we’ll bring it to light. (We touched on it briefly in today’s trading outlook webinar.) And on another related note, check out the CADJPY set-up presented earlier in the month.

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AUDJPY: 4-hr


Trade Parameters:

Entry: 4-hr closing bar above the top-side trend-line of the descending wedge

Stop: 20 pips below the lowest swing-low created before a trigger of the pattern

Targets: 8948/9010

---Written by Paul Robinson, Market Analyst

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You can follow Paul on Twitter at @PaulRobinonFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.