Daily Forex Update: USD/JPY
By: Dima Chernovolov
USD/JPY recently broke the 15-minute Rising Wedge which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (2 bars), strong Uniformity (8 bars) and lower Clarity (3 bars). USD/JPY is expected to fall toward the forecast price 112.61– in line with the earlier downward reversal from the resistance area shown below.
As can be seen from the daily USD/JPY chart below, the price recently reversed down from the resistance area lying between the strong resistance level 113.00 (which stopped the sharp uptrend in the middle of July) and the upper daily Bollinger Band. The proximity of this resistance area and the overbought daily Stochastic add to the probability USD/JPY will continue to fall toward the forecast price 112.61.
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