AUDJPY seems to be forming an ascending triangle which indicates next higher move. This pattern indicates that buyers are more aggressive than sellers as price continues to make higher lows. The pattern will be completed when the triangle will break resistance of triangle.
How to identify working ascending triangle?
-The market must be in an uptrend before the ascending triangle formed.
-A rising trend line can be drawn by connecting the lows. This ascending trend line shows that buyers are slowly pushing the price up.
-The upper trend line acts as resistance. Price often approaches this level and bounces off until the breakout eventually occurs.
How to identify working ascending triangle?
-The market must be in an uptrend before the ascending triangle formed.
-A rising trend line can be drawn by connecting the lows. This ascending trend line shows that buyers are slowly pushing the price up.
-The upper trend line acts as resistance. Price often approaches this level and bounces off until the breakout eventually occurs.