Trade of the Day: AUD/JPY

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 7-bar level –  which is the result of the significant Initial Trend (7 bars), average Uniformity (5 bars) and strong Clarity (8 bars).  AUD/JPY is expected to rise further inside this Up Channel.

As can be seen from the weekly AUD/JPY chart below – the pair earlier reversed up from the powerful support area located between the long-term support level 86.90 (which reversed the pair at the end of 2022), lower weekly Bollinger Band and the key support level 86.00 (former resistance from the end of 2021) and the 61.8% Fibonacci correction of the weekly uptrend from 2021. The proximity of this support increases the probability AUD/JPY will continue to rise inside this Up Channel.