By: Dima Chernovolov
USD/JPY continues to rise inside the 15-minue 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), strong Uniformity (7 bars) and higher Clarity (8 bars). USD/JPY is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support area shown below.
As can be seen from the weekly USD/JPY below, the pair earlier reversed up from the support area lying between the pivotal support 112.30 (which has been reversing the price from November) and the two intersecting weekly support trendlines from May and March respectively. The proximity of this support area and the strength of the active daily uptrend increase the probability USD/JPY will continue to rise inside this Up Channel.
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