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 this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (1 bar), below-average Clarity (3 bars) and strong 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 with the daily bullish Engulfing from the support area located between the key support level 82.35 (former monthly low from March), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from January. The proximity of this support area, strength of the daily uptrend increase the probability AUD/JPY will continue to rise inside this Up Channel.