Trade of the Day: CHF/JPY

CHF/JPY continues to rise inside the 15-minute Rising Wedge chart pattern, which was recently 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 (1 bar), average Uniformity (5 bars) and higher Clarity (8 bars). CHF/JPY is expected to rise further inside this Rising Wedge.

As can be seen from the daily CHF/JPY chart below – the pair earlier broke above the major resistance level 166.40 (which reversed the pair 3 times in August). This price level is acting as the strong support after it was broken. The proximity of this support zone level the rising daily Momentum increase the probability CHF/JPY will continue to rise inside this Rising Wedge.