Daily Forex Update: AUD/JPY

By: Dima Chernovolov

AUD/JPY continues to rise inside the hourly Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist measures the Quality of this Rising Wedge at the 6-bar level – which is the result of the sharp Initial Trend (9 bars), lower Uniformity (2 bars) and significant Clarity (7 bars). AUD/JPY is expected to rise further inside this Up Channel – continuing the earlier breakout of the key resistance level 86.90. 

As can be seen from the daily AUD/JPY chart below, the price earlier broke through the key resistance level 86.90 (which stopped the previous sharp upward impulse at the start of June).  The breakout of the resistance level 86.90 should further accelerate the active daily impulse wave from May (its strength is reflected by the high Initial Trend value of this Rising Wedge). The strength of the active daily impulse wave increases the probability AUD/JPY will continue to rise inside this chart pattern.

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