Trade of the Day: AUD/JPY

By: Dima Chernovolov

AUD/JPY continues to rise toward the key resistance level 94.01, which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 4-bar level – which is the result of the four previous price reversals from this price level. AUD/JPY is expected to continue to rise toward the resistance level 94.01.

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 92.00 (which has been reversing the price from the start of June), lower Bollinger Band and the 50% Fibonacci correction of the upward impulse May. The proximity of this support area and the clear uptrend add to the probability AUD/JPY will continue to rise toward the resistance level 94.01.