Daily Forex Update: USD/JPY
By: Dima Chernovolov
USD/JPY continues to rise inside the daily Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which reflects the slow Initial Trend (4 bars), higher Uniformity (6 bars) and medium Clarity (5 bars). USD/JPY is expected to rise further inside this Up Channel – in line with the earlier breakout of the resistance area shown below.
As can be seen from the daily USD/JPY chart below, the pair previously broke through the resistance area lying between the key resistance level 112.90 and the 50% Fibonacci correction of the previous ABC correction from the start of October. This price zone is acting as a strong support area after it was broken. The proximity of this support area increases the probability USD/JPY will continue to rise inside this Up Channel.
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