Trade of the Day: AUD/JPY

By: Dima Chernovolov

AUD/JPY continues to rise inside the 15-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (2 bars), low Uniformity (3 bars) and strong Clarity (8 bars). AUD/JPY is expected to rise further inside this Rising Wedge.

As can be seen from the daily AUD/JPY chart below – the pair earlier reversed up from the support zone located between the key support level 92.00 (which has been reversing the pair from the middle of June), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from May. The proximity of this support zone adds to the probability AUD/JPY will continue to rise inside this Rising Wedge.