By: Dima Chernovolov
CHF/JPY continues to rise inside the hourly Ascending Triangle chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 5-bar level – which reflects the medium Initial Trend (5 bars), higher Uniformity (7 bars) and lower Clarity (3 bars). CHF/JPY is expected to rise further inside this chart pattern – in line with the earlier upward reversal the support area shown below.
As can be seen from the daily CHF/JPY below, the price earlier reversed up from the support area lying between the key support level 111.500 and the lower daily Bollinger Band. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern. The proximity of this support area increases the probability CHF/JPY will continue to rise inside this Ascending Triangle.
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