The AUDJPY is in the apex of the triangle.

A breakout is looming in the AUDJPY and with stocks moving higher, one would assume we break higher out of the AUDJPY triangle. Yesterday, we featured the NZDJPY bullish wedge, and that pair is breaking the key 70.00 level today. Since the AUDJPY and NZDJPY are strongly correlated we may just get a breakout in this pair too. The good thing about these triangles, the “risk” is well defined, and in this case it would be below the rising (red) trend line.

Blake Morrow