Trade of the Day: AUD/JPY

AUD/JPY continues to rise inside the 15-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the below-average Initial Trend (4 bars), strong Uniformity and Clarity (7 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 broke through the key resistance level 95.33 (which reversed the pair 3 consecutive weeks at the end of last year).  This price level is acting as the strong support after it was broken. The proximity of this support level and the clear daily uptrend increase the probability AUD/JPY will continue to rise inside this Up Channel.