Trade of the Day: AUD/JPY
By: Dima Chernovolov
AUD/JPY recently broke the 15-minute Flag chart pattern, which was recently identified by Autochartist. Autochartist rated the quality of this Flag at the 9-bar level – which reflects the sharp Initial Trend (10 bars), significant Uniformity (7 bars) and strong Clarity (9 bars). AUD/JPY is expected to fall toward the forecast price 92.79.
As can be seen from the daily AUD/JPY chart below – the pair earlier broke the support area lying between the support level 94.00 and the support trendline from the start of May. This price zone is acting as the resistance area after it was broken. The proximity of this resistance zone adds to the probability AUD/JPY will continue to fall toward the forecast price 92.79.