Trade of the Day: AUD/JPY

By: Dima Chernovolov

AUD/JPY rising toward the key resistance level 88.65, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 3-bar level – which is the result of the 3 earlier reversals from this price level. AUD/JPY is expected to continue to rise toward the key resistance level 88.65.

As can be seen from the daily AUD/JPY chart below – the pair earlier reversed up from the powerful support level 87.45 (which has been reversing the pair from the middle of December) – standing well below the lower Bollinger Band. The proximity of this support level adds to the probability AUD/JPY will continue to rise toward the key resistance level 88.65.