Daily Forex Update: AUD/JPY
By: Dima Chernovolov
AUD/JPY continues to fall inside the clear 4-hour Down Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 6-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (7 bars) and higher Clarity (8 bars). AUD/JPY is expected to fall further inside this Down Channel – in line with the earlier downward reversal from the of the key resistance area shown below.
As can be seen from the daily AUD/JPY chart below, the pair earlier reversed down from the resistance area located between the key resistance level 80.50 (which also reversed the price earlier this month) and the 38.2% Fibonacci correction of the previous sharp downward impulse from the start of October. The proximity of this resistance zone increases the probability AUD/JPY will continue to fall inside this Down Channel.
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