Trade of the Day: AUD/JPY

AUD/JPY recently broke the hourly Down Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 5-bar level – which is the result of the below-average Initial Trend (4 bars), low Uniformity (3 bars) and strong Clarity (8 bars). AUD/JPY is expected to rise toward the forecast price 93.83.

As can be seen from the daily AUD/JPY chart below – the pair earlier reversed up from the support area located between the key support level 93.00 (former multi-month high from February), lower daily Bollinger Band and the 38.2% Fibonacci correction of the sharp upward impulse from march. The proximity of this support area adds to the probability AUD/JPY will continue to rise toward the forecast price 93.83.