Daily Forex Update: AUD/JPY
By: Dima Chernovolov
AUD/JPY continues to fall inside the daily Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the sharp Initial Trend (10 bars), average Uniformity (5 bars) and high Clarity (8 bars). AUD/JPY is expected to fall further inside this Up Channel – in line with the earlier downward reversal from the resistance area shown below.
As can be seen from the daily AUD/JPY chart below, the top of this Up Channel formed when the pair reversed down with the daily Evening Star from the resistance zone lying between the key resistance level 84.40 (which reversed the previous upward correction 4 in March) and the 50% Fibonacci correction of the downward price impulse from January. The proximity of this resistance zone increases the probability AUD/JPY will continue to fall inside this Up Channel.
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