Daily Forex Update: AUD/JPY
By: Dima Chernovolov
AUD/JPY continues to rise – following the earlier breakout of the Pennant chart pattern which was previously identified by Autochartist on the daily AUD/JPY charts. Autochartist rates the Quality of this Pennant at the 8 bar level – which is the result of the sharp Initial Trend (10 bars), significant Uniformity (7 bars) and maximum Clarity (10 bars). High Initial Trend and Clarity reflect the higher visibility of this Pennant to the market participants. AUD/JPY is likely to rise to the Forecast price 78.72.
As can be seen from the PowerStats chart below, the upper boundary of the daily Expected Price Range calculated for this currency pair (78.794) exceeds the Forecast price calculated by Autochartist for the breakout of this Pennant (78.72) – which adds to the probability AUD/JPY will soon reach this target level.
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