Trade of the Day: AUD/JPY

AUD/JPY rising inside the 15-minute Up Channel chart pattern, which was recently identified by Autochartist. The chart pattern indicates possible bullish price movement toward the target level 97.14. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 96.76 with the protective stop-loss at 96.42.

As can be seen from the daily AUD/JPY chart below – the pair earlier reversed up from the key support level 96.00 (former resistance from October) intersecting with the 38.2% Fibonacci correction of the upward impulse from the start of October. The proximity of the support level 96.00 increases the probability AUD/JPY will continue to rise toward the target level 97.14.