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AUD/JPY is currently trading around the 114.35 level on the four-hour chart, with the pair testing important horizontal resistance for the third time in two months and supported by an ascending trendline.

Are we looking for a triple top pattern or an ascending triangle?

The chart shows two previous price rejections in the supply area between 114.35 and 114.50 (shown by the red arrow), while the current price action (indicated by the question mark) is back to testing that price ceiling again. However, contrary to the sharp decline in late April, the pair is currently supported by an ascending trendline, reflecting increasing buying pressure.

Moving average support:

Prices are clearly holding above the 100-period simple moving average, which gradually turned from resistance to dynamic support in May.

Transaction volume analysis:

Relative volume has remained stable during the current bullish wave, but a break above the 114.50 level would require a significant increase in volume to confirm an actual shift in trend.

Basic appearance: American-Japanese format

On May 12, U.S. Treasury Secretary Scott Bessent met with Japanese Finance Minister Satsuki Katayama in Tokyo. The two sides emphasized the need for continued and close coordination to respond to violent market fluctuations. Analysts believe that these high-level meetings reflect Washington’s implicit support for Japan’s efforts to intervene in the market, which constitutes a powerful deterrent tool for those hyping the depreciation of the yen.

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