Daily Forex Update: AUD/JPY

By: Dima Chernovolov

AUD/JPY continues to rise after the recent breakout of the Down Channel chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist measures the quality of this Down Channel at the 6 bar level – which is the result of the sharp Initial Trend (10 bars), average Uniformity (5 bars) and substantial Clarity (9 bars). AUD/JPY is expected to rise to the forecast price 87.17.

As can be seen from the daily AUD/JPY chart below, the breakout of this Down Channel continues the active daily impulse wave from the support area located between the pivtoal support level 85.70 (which also reversed the price in July), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from June. The proximity of this support area increases the probability AUD/JPY will continue to rise to the forecast price 87.17.

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