Trade of the Day: USD/JPY

By: Dima Chernovolov

USD/JPY continues to rise inside the 15-minute Rising Wede chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wede at the 6-bar level – which is the sharp of the medium Initial Trend and Uniformity (5 bars) and strong Clarity (8 bars). USD/JPY is expected to rise further inside this Rising Wede .

As can be seen from the daily USD/JPY chart below – the price earlier broke through the key resistance level 125.0 (the previous monthly high from March). This price level is acting as the strong support level after it was broken. The proximity of this support level and the clear daily uptrend increase the probability USD/JPY will continue to rise inside this Rising Wedge .