Trade of the Day: AUD/JPY

AUD/JPY falling inside the 60-minute Falling Wedge chart pattern, which was recently identified by Autochartist. The chart pattern indicates possible bearish price movement toward the target level 97.41. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 97.64 with the protective stop-loss at 97.88.

As can be seen from the daily AUD/JPY chart below – the pair earlier reversed down from the key resistance level 98.45 (which reversed the pair earlier this month) coinciding with the upper daily Bollinger Band. Given the proximity of the resistance level 98.45, AUD/JPY can be expected to fall further toward the next target level 97.41.