Daily Forex Update: AUD/JPY
AutoChartist | Jul 16, 2018 04:48AM ET
AUD/JPY continues to rise inside the 4-hour Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (one bar), average Uniformity (5 bars) and near-maximum Clarity (9 bars). AUD/JPY is expected to rise further inside this Rising Wedge – in line with the earlier breakout of the combined resistance zone shown below.
As can be seen from the daily AUD/JPY chart below, the price earlier broke above the resistance zone lying between the key resistance level 83.00 (which reversed the price at the start of July), resistance trend line from January and the 61.8% Fibonacci correction of the previous downward impulse from June. This price zone is acting as a support area after it was broken. The proximity of this support area increases the probability AUD/JPY will continue to rise inside this chart pattern.
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