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With the appearance of Divergent and Descending Broadening Wedge patterns on the 4-hour chart of the AUD/JPY cross currency pair, although its price movement is below the EMA (21) which has a decreasing slope, both of these pieces of information provide an indication that in the near future AUD/JPY has the potential to strengthen upwards where the 92.16 level will be tested to be breaks and closed above it. If it is successful, then AUD/JPY will head to the 93.13 level. Even if volatility and momentum support it, then 94.28 will be the next target to be aimed for. However, if on its way to these targets, AUD/JPY suddenly reverses and weakens again, especially if it breaks and closes below the 88.95 level, then all the strengthening scenarios that have been described above will be invalid and automatically canceled by themselves.
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