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AUDJPY Rising Wedge Could Spell Trouble for Buyers
The AUDJPY carved out a fresh high last week at 88.17. The last time the pair reached this level was December 31, 2015. And you may recall what happened to the yen crosses in the first few sessions of 2016. In the case of the AUDJPY, it was a 600 pip drop in just four sessions. Now, I’m in no way insinuating that the same is about to happen. It’s an entirely different time, and we don’t have the catalyst we had back then. But at the very least it’s an interesting observation. Today I’m watching a rising wedge form on the pair, a technical pattern that typically indicates exhaustion. However, as long as ... (full story)