AUD/JPY: 1-hour

[Lahcene Ouled Moussa]

Here’s another triangle pattern on a commodity currency, this time on AUD/JPY’s 1-hour forex chart. The pair has been forming higher lows and hitting resistance somewhere around 92.00-92.50, creating an ascending triangle pattern. Price seems to be on its way to the top of the triangle, which might continue to hold as resistance since stochastic is already approaching the overbought level. In that case, another move back to the triangle support near the 91.00 major psychological level might take place. If you’re thinking of shorting at the triangle resistance, better wait for stochastic to turn from the overbought zone and for reversal candlesticks to form. Oh, and don’t forget to set your stop past that spike to 92.72, too!

Read more: http://www.babypips.com/blogs/pippinainteasy/forex-charts-20150814.html#ixzz3isFt8Ju7