Trade of the Day: AUD/JPY

By: Dima Chernovolov

AUD/JPY continues to fall inside the 30-minute Falling Wedge chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 6-bar level – which is the result of the slow Initial Trend (1 bar) and strong Uniformity and Clarity (8 bars). AUD/JPY is expected to fall further inside this Falling Wedge.

As can be seen from the daily AUD/JPY chart below – the pair earlier reversed down from the resistance area located between the key resistance level 82.50 (former support from March and June) and the 38.2% Fibonacci correction of the downward impulse from May. The proximity of this resistance zone adds to the probability AUD/JPY will continue to fall inside this Falling Wedge.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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NO TEXT!