Trade of the Day: AUD/JPY

By: Dima Chernovolov

AUD/JPY continues to rise inside the daily Ascending Triangle chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 5-bar level – which reflects the slow Initial Trend (3 bars), above Uniformity and Clarity (6 bars). AUD/JPY is expected to rise further inside this Ascending Triangle – in line with the earlier upward reversal from the key support level shown below.

As can be seen from the daily AUD/JPY chart below – the pair recently reversed up from the pivotal support level 75.00 (former strong resistance level which has been reversing the price from the middle of June). The proximity of this support level and the strong daily uptrend both increase the probability AUD/JPY will continue to rise inside this daily Ascending Triangle.