AUD/JPY Technical Analysis: Rising wedge breakdown on 4H

AUD/JPY’s previous 4-hour candle closed at 78.99, confirming a rising wedge breakdown – a bearish reversal pattern. 

So, the pair may fall back to 78.83 (4H 200-candle MA). Validating that bearish case is the negative crossover of the 5- and 10-candle moving averages (MA). 

On the higher side, a break above 78.74 would confirm a channel breakout on the daily chart and could yield a rally toward     81.18 (Nov. 21 low). 

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Trend: Cautiously bearish

Bigwig Fx
Author: Bigwig Fx
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