Trade of the Day: AUD/JPY

AUD/JPY continues to rise inside the hourly Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the significant Initial Trend (7 bars) and strong Uniformity and Clarity (9 bars). AUD/JPY is expected to rise further inside this Up Channel.

As can be seen from the daily AUD/JPY chart below – the pair earlier reversed up from the key support level 95.0 (former strong resistance from the end of 2022, acting as the support after it was broken previously). The proximity of this support level and the clear weekly uptrend increase the probability AUD/JPY will continue to rise inside this Up Channel.