Daily Forex Update: AUD/JPY

By: Dima Chernovolov

AUD/JPY continues to rise inside the well-formed Rising Wedge chart pattern which was previously identified by Autochartist on the 15-minute charts. Autochartist measures the quality of this Rising Wedge at the 6-bar level – which is the result of the low Initial Trend (2 bars) and strong Uniformity and Clarity (rated at the 7 bar and 8 bar levels respectively). AUD/JPY is expected to rise further inside this chart pattern – in line with the recent upward reversal from the support zone described below.   

As can be seen from the daily AUD/JPY chart below, the price earlier reversed up with the daily Morning Star from the support area lying between the pivotal support level 88.00 (former key resistance from February) and the 38.2% Fibonacci correction of the upward price impulse from the start of July. The proximity of the support zone increases the probability AUD/JPY will continue to rise inside this Rising Wedge.

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