Daily Forex Update: AUD/JPY

By: Dima Chernovolov

Autochartist recently identified the uniform Down Channel on the 4-hour AUD/JPY charts. Autochartist rates the overall Quality of this chart pattern at the 6 bar level – which reflects the average Initial Trend (5 bars), near-maximum Uniformity (8 bars) and significant Clarity (6 bars). AUD/JPY is expected to rise toward the upper resistance trendline of this Down Channel (located near the resistance level 79.80).

As you can see from the daily AUD/JPY chart below – the low of the aforementioned Down Channel formed near the strong support level 77.70 (which also previously reversed the price sharply with the daily Hammer in February, as can be seen below). The proximity of this support level 77.70 adds to the probability the pair will continue to rise toward the upper resistance trendline of this Down Channel.

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