Trade of the Day: AUD/JPY

AUD/JPY continues to rise toward the key resistance level 93.66, which was recently identified by Autochartist. Autochartist rates the significance of this key resistance level at the 3-bar level – which is the result of the 3 earlier price reversals from this price level. AUD/JPY is expected to rise further toward the resistance level 93.66.

As can be seen from the daily AUD/JPY chart below – the pair earlier reversed up from the support area set between the major powerful support level 93.00 (former double top from February), lower daily Bollinger Band and the 38.2% Fibonacci correction of the weekly upward impulse from March. The proximity of this support area adds to the probability AUD/JPY will continue to rise toward the key resistance level 93.66.