Daily Forex Update: AUD/JPY
By: Dima Chernovolov
AUD/JPY continues to fall after the earlier breakout of the 4-hour Descending Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Descending Triangle at the 6-bar level – which is the result of the slow Initial Trend (4 bars), substantial Uniformity (9 bars) and strong Clarity (8 bars). AUD/JPY expected to fall toward the forecast price 81.57 – in line with the sharp active daily impulse wave from the resistance level shown below.
As can be seen from the daily AUD/JPY chart below, the price earlier reversed down from the resistance level 84.50 (former strong multi-month support level from November) – which started the active strong daily impulse wave. The strength of the active daily impulse wave increases the probability the price will continue to fall toward the forecast price 81.57.
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