Trade of the Day: AUD/JPY

By: Dima Chernovolov

AUD/JPY recently broke the hourly Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 3-bar level – which is the result of the slow Initial Trend (2 bars), medium Uniformity and Clarity (5 bars). CHF/JPY is expected to rise toward the forecast price 94.37.

As can be seen from the daily AUD/JPY chart below – the pair earlier reversed up strongly from the strong support area located between the multi-month support level 92.00 (which has been reversing the pair from June), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from May. The proximity of this support zone increases the probability daily AUD/JPY will continue to rise toward the forecast price 94.37.