Daily Forex Update: AUD/JPY

By: Dima Chernovolov

AUD/JPY continues to rise inside the Down Channel chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the overall Quality for this chart pattern at the 6 bar level – which reflects the significant Initial Trend (7 bars) and above-average Uniformity and Clarity (both rated at the 6 bar level).  The price is likely to rise further toward the upper resistance trendline of this Down Channel.

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As you can see from the following chart, Autochartist also recently identified the high Quality Triangle chart pattern on the 30-minute AUD/JPY charts. Its quality is the result of the maximum Initial Trend and Clarity (both rated at the 10 bar level). AUD/JPY is expected to rise inside this Triangle. Two different-scale chart pattern setups aligned in one direction heighten the probability the pair will continue to rise tomorrow.

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