By: Dima Chernovolov
CHF/JPY continues to fall inside the Triangle chart pattern was previously identified by Autochartist on the 4-hour charts. Autochartist measures the Quality of this Triangle at the 5 bar level – which is the result of the slow Initial Trend (3 bars), above-average Uniformity (6 bars) and higher Clarity (7 bars). CHF/JPY is expected to fall further inside this Triangle – continuing the earlier downward reversal from the strong resistance zone described below.
As can be seen from the daily CHF/JPY chart below, price earlier reversed down from the resistance area located between the powerful, multi-month resistance level 115.00 (which has reversed all of the previous upward impulses from last December) and the upper daily Bollinger Band. The proximity of this resistance area increases the probability CHF/JPY will continue to fall inside this Triangle.
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