Trade of the Day: AUD/JPY

By: Dima Chernovolov

AUD/JPY continues to rise inside the 15-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of Up Channel at the 7-bar level – which is the result of the slow Initial Trend (2 bars), strong Clarity and Uniformity (9 bars). AUD/JPY is expected to rise further inside this Up Channel.

As can be seen from the daily AUD/JPY chart below – the pair earlier reversed up from the minor support level 84.00 (which also reversed the price at the start of May) intersecting with the lower daily Bollinger Band. The proximity of the support level 84.00 and the clear daily uptrend increase the probability AUD/JPY will continue to rise inside this Up Channel.