AUDJPY Chart Technical Outlook breaking the expanding wedge, the bias is bullish
Mixed trading has resulted in the cross posting an Expanding Wedge formation. Buyers are currently trying to break this pattern at the trend of lower highs (95.55). The measured move target for this formation is located at 97.67. This has resulted in the bias being bullish.
The next significant upside barrier is located at 96.41. A pullback from this zone would be analysed as the BC leg of a large Butterfly formation. With the 38.2% calculated Fibonacci retracement level being close to our support at 94.84, the BC correction could be limited.
