Trade of the Day: AUD/JPY

By: Dima Chernovolov

AUD/JPY continues to rise steadily after the earlier breakout of the recently broke the 30-minute key resistance level, which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 7-bar level – which is the result of the 7 previous reversals form this price level. AUD/JPY is expected to rise toward the forecast price 80.77.

As can be seen from the daily AUD/JPY chart below, the price earlier reversed up from the support area lying between the key support level 79.55 (which also reversed the price in the middle of January), lower daily Bollinger Bad and the 38.2% Fibonacci correction of the upward impulse from January. The proximity of this support area adds to the probability AUD/JPY will continue to rise toward the forecast price 80.77