By: Dima Chernovolov
AUD/JPY continues fall rise inside the 30-minute Falling Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 3-bar level – which is the result of the slow Initial Trend (3 bars), low Uniformity (3 bars) and above-average Clarity (6 bars). AUD/JPY is expected to fall further inside this Falling Wedge – in line with the earlier breakout of the powerful support level shown below.
As can be seen from the daily AUD/JPY chart below, the price today opened with the sharp downward gap which broke through the major, multi-month support level 80.60 (which has been reversing the price from the middle of March). This price level is acting as a strong resistance after it was broken. The proximity of this resistance level increases the likelihood AUD/JPY will continue to fall inside this Falling Wedge.
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