Trade of the Day: AUD/JPY
By: Dima Chernovolov
AUD/JPY rising inside the 15-minute Rising Wedge chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 7-bar level – which is the result of the slow Initial Trend (3 bars), significant Uniformity (7 bars) and strong clarity (9 bars). AUD/JPY is expected to rise further inside this Rising Wedge chart pattern.
As can be seen from the weekly AUD/JPY chart below – the pair earlier reversed up from the strong support zone lying between the key support level 78,80, lower daily and weekly Bollinger Bands. The proximity of this support area, oversold weekly Stochastic and the clear weekly uptrend increase the probability AUD/JPY will continue to rise inside this Rising Wedge.