Daily Forex Update: AUD/JPY

By: Dima Chernovolov

AUD/JPY opened today with the sharp upward gap which broke the Key Resistance level 82.544 which was previously identified by Autochartist on the hourly charts. Autochartist measures the Significance of this key level at the medium 5 bar level – which is the result of the five recent price reversals from this resistance level. AUD/JPY is expected to rise toward the forecast price 84.2683 – continuing the earlier sharp upward reversal from the key support area described below.

As can be seen from the daily AUD/JPY chart below, the breakout of this Resistance level follows the earlier sharp upward reversal from the support area located between the pivotal support level 81.50 (previous powerful resistance level from last year), lower daily Bollinger Band the 50% Fibonacci correction of the upward impulse from last August. The proximity of this support zone increases the probability AUD/JPY will continue to rise toward the forecast price 84.2683.

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