Daily Forex Update: USD/JPY

By: Dima Chernovolov

USD/JPY continues to rise inside the clear Rising Wedge chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which is the result of the low Initial Trend (one bar), below-average Uniformity (4 bars) and significant Clarity (6 bars). USD/JPY is expected to continue to rise inside this Rising Wedge – which is also confirmed by the PowerStats analysis shown below.

UsdJpy forex alert

As can be seen from the PowerStats chart below, all of the daily Expected Price Range calculated by Autochartist for this currency pair (from 122.46 to 113.72) stands above the lower support trendline of this Rising Wedge – which increases the probability USD/JPY will continue to rise inside this chart pattern in the nearest time.

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