By: Dima Chernovolov
CHF/JPY continues to rise inside the clear 4-hour Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (2 bars), significant Uniformity (7 bars) and near-maximum Clarity (9 bars). CHF/JPY is expected rise further inside this Up Channel – in line with the earlier breakout of the key resistance area shown below.
As can be seen from the daily CHF/JPY chart below, the price earlier broke through the key resistance area lying between the strong resistance level 115.00 (which previously reversed the price in Augusts and earlier this month), 61.8% Fibonacci correction of the earlier downward impulse from February and the resistance trendline of the daily up channel from May. This price area is acting as support zone after it was broken. The proximity of this support area increases the probability CHF/JPY will continue to rise inside this Up Channel.
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