Daily Forex Update: AUD/JPY

By: Dima Chernovolov

AUD/JPY continues to rise inside the clear hourly Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which is the result of the slow Initial Trend (one bar), average Uniformity (5 bars) and higher Clarity (7 bars). AUD/JPY is expected to rise further inside this chart pattern – in line with the earlier upward reversal from the power support zone shown below.

As can be seen from the weekly AUD/JPY chart below, the price earlier reversed up with the three consecutive weekly Japanese candlesticks reversal patterns Hammer from the support zone lying between the long-term support level 81.00 (which has been reversing the price from March) and the lower weekly Bollinger Band. This proximity of this support zone increases the probability AUD/JPY will continue to rise inside this Rising Wedge.

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