Daily Forex Update: USD/JPY
By: Dima Chernovolov
USD/JPY continues to rise inside the well-formed daily Triangle chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 5-bar level – which is the result of the below-average Initial Trend (4 bars) and significant Uniformity and strong Clarity (6 bars). USD/JPY is expected to rise further inside this Triangle – in line with the earlier upward reversal from the combined support area shown below.
As can be seen from the daily USD/JPY chart below, the price earlier reversed up from the combined support area lying between the key support level 112.30, 38.25 Fibonacci correction of the previous upward impulse from May and the two weekly intersecting trendlines from May and March. The proximity of this support area increases the probability USD/JPY will continue to rise inside this Triangle .
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