Daily Forex Update: AUD/JPY
By: Dima Chernovolov
AUD/JPY continues to rise in the direction of the Key Resistance level 87.532 (of the type Approach) which was recently identified by Autochartist on the daily charts. Autochartist rates the Significance of this key level at the 3 bar level – which corresponds to the three recent price reversals from this resistance level. AUD/JPY is expected to reach this key resistance level in the coming trading sessions.
As can be seen from the daily AUD/JPY chart below, the price earlier reversed up from the combined support zone lying between the support level 85.90 (which also reversed the price at the end of February), lower daily Bollinger Band, 50% Fibonacci correction of the upward impulse from December, 50-day moving average and the support trendline of the daily up channel from the end of 2016. The proximity of this support zone increases the likelihood AUD/JPY will soon reach the key resistance level 87.532.
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