Trade of the Day: AUD/JPY

By: Dima Chernovolov

AUD/JPY continues to rise in the direction of the key resistance level 92.24, which was recently identified by Autochartist. Autochartist measures the Significance of this resistance level at the 7-bar level – which is the result of the seven earlier reversals from this price level. AUD/JPY is expected to rise toward the resistance level 92.24.

As can be seen from the weekly AUD/JPY chart below – the pair earlier reversed up from the powerful support level 90.90 (which has been reversing the price from the middle of 2022), standing near the lower weekly Bollinger Band and the 61.8% Fibonacci correction of the weekly upward impulse from the start of 2022. The proximity of these support levels increases the probability AUD/JPY will continue to rise toward the resistance level 92.24.