By: Dima Chernovolov
AUD/JPY recently broke the hourly Down Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 8-bar level – which is the result of the slow Initial Trend (4 bars), strong Clarity (10 bars) and near-maximum Uniformity (9 bars). AUD/JPY is expected to rise toward the forecast price 83.12.
As can be seen from the daily AUD/JPY chart below – the pair earlier reversed up from the support area located between the key support level 82.40 (monthly low from March) and the lower daily Bollinger Band. The proximity of this support area increases the probability daily AUD/JPY will continue to rise toward the forecast price 83.12.