Daily Forex Update: AUD/JPY
By: Dima Chernovolov
AUD/JPY continues to rise after the earlier breakout of the Triangle chart pattern which was recently identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this Triangle at the 7-bar level – which reflects the slow Initial Trend (2 bars) and significant Uniformity and Clarity (both rated at the 7 bar level). AUD/JPY is expected to rise to the forecast price 87.10 – in line with the earlier breakout of the resistance area shown below.
As can be seen from the daily AUD/JPY chart below, the price earlier broke the resistance area lying between the key resistance level 86.10 (which reversed the price with the daily Shooting Star earlier this month) and the 50% Fibonacci correction of the previous downward impulse from November. This price area is acting as support zone after it was broken. The proximity of this support area adds to the probability AUD/JPY will continue to rise toward the forecast price 87.10.
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