By: Dima Chernovolov
AUD/JPY continues to fall inside the 15-minute Falling Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 6-bar level – which reflects the slow Initial Trend (2 bars), average Uniformity (5 bars) and maximum Clarity (10 bars). AUD/JPY is expected to fall further inside this chart pattern – in line with the earlier downward reversal the key resistance level shown below.
As can be seen from the daily AUD/JPY below, the price earlier reversed down sharply from the powerful resistance level 78.70 (former key support which reversed the price with the daily Japanese candlesticks reversal pattern Hammer in October and also in September). The proximity of this resistance level increases the probability AUD/JPY will continue to fall inside this Falling Wedge.
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