Trade of the Day: AUD/JPY

AUD/JPY continues to rise inside the 30-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 7-bar level – which is the result of the slow Initial Trend (1 bar), significant Uniformity (7 bars) and maximum Clarity (10 bars). AUD/JPY is expected to rise further inside this Rising Wedge.

As can be seen from the weekly AUD/JPY chart below – the pair earlier reversed up from the key support level 95.65 (former strong resistance from the end of last year, acting as the support now, after it was broken earlier this month). The proximity of this support level and the clear weekly uptrend increase the probability AUD/JPY will continue to fall inside this Rising Wedge.