AUD/JPY today broke through the upper resistance trendline of the Clear 4-hour Flag chart pattern identified by Autochartist.
The Quality of this chart pattern is measured at the 9 bar level which reflects the following values of the individual contributing quality indicators – maximum Initial Trend and Clarity (both measured at the 10 bar level) and the significant Uniformity (6 bars). This Flag continues the recent sharp daily upward price thrust (its strength is measured by the highest, 10-bar Initial Trend value) from the upper border (74.50) of the long-term support zone located between the price levels 72.00 and 74.50. This support zone has been reversing AUD/JPY up many times in the last few years (as can be seen on the second chart below).
AUD/JPY is expected to rise further toward the Forecast Price 80.66.
The following monthly AUD/JPY chart shows the longer-term view of the previous price action near the support area set between price levels 72.00 and 74.50:
