Trade of the Day: AUD/JPY

By: Dima Chernovolov

AUD/JPY recently broke the 15-minute Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 6-bar level – which is the result of the slow Initial Trend (1 bar), strong Uniformity (7 bars) and average Clarity (5 bars). AUD/JPY is expected to rise toward the forecast price 88.95.

As can be seen from the weekly AUD/JPY chart below – the pair earlier reversed up sharply from the major support area located between the strong support level 87.40 (which reversed the price in May), lower daily Bollinger Band and the 61,8% Fibonacci correction of the upward impulse from the start of 2022. The proximity of this support area increases the probability AUD/JPY will continue to rise toward the forecast price 88.95.