Trade of the Day: AUD/JPY
AUD/JPY continues to rise inside the 15-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 3-bar level – which is the result of the slow Initial Trend (1 bar), low Uniformity (3 bars) and above-average Clarity (6 bars). AUD/JPY is expected to rise further inside this Rising Wedge.
As can be seen from the daily AUD/JPY chart below – the pair earlier broke through the resistance zone located at the intersection of the resistance level 90.50 (former strong support from February) and the 61.8% Fibonacci correction of the previous downward impulse from February. This price area is acting as the strong support zone after it was broken. The proximity of this support zone increases the probability AUD/JPY will continue to rise inside this Rising Wedge.