Daily Forex Update: AUD/JPY
By: Dima Chernovolov
AUD/JPY continues to fall after the earlier breakout of the 30-minute Triangle chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 5-bar level – which is the result of the slow Initial Trend (3 bars), significant Uniformity and Clarity (both rated at the 7 bar level). AUD/JPY is expected to fall toward the forecast price 82.74 – in line with the earlier downward reversal from the strong resistance area shown below.
As can be seen from the daily AUD/JPY chart below, the top of this Triangle formed when the price reversed down from the resistance lying between the key resistance level 83.10 (which has been reversing the price from July) and the upper daily Bollinger Band. The proximity of this resistance zone and the overbought daily Stochastic increase the probability daily AUD/JPY will continue to fall toward the forecast price 82.74.
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