By: Dima Chernovolov
AUD/JPY continues to rise inside the 30-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend and Uniformity (2 bars) and near-maximum Clarity (9 bars). AUD/JPY is expected to rise further inside this Up Channel.
As can be seen from the daily AUD/JPY chart below – the pair earlier reversed up from the strong support area located between the long-term support level 91.00 (which has been reversing the price from July), lower weekly and the daily Bollinger Bands. The proximity of this support area and the clear weekly uptrend increase the probability AUD/JPY will continue to rise inside this Up Channel.