By: Dima Chernovolov
CHF/JPY continues to rise inside the 30-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which is the result of the significant Initial Trend (7 bars), above-average Uniformity (6 bars) and strong Clarity (8 bars). CHF/JPY is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the key support area shown below.
As can be seen from the weekly CHF/JPY below, the pair previously reversed up with the weekly Hammer with from the support area lying between the long-term support level 109.10 (which has been reversing the price from the middle of 2018) and the lower weekly Bollinger Band. The proximity of this support zone increases the probability CHF/JPY will continue to rise inside this Up Channel.
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