By: Dima Chernovolov

USD/JPY continues to fall inside the hourly Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 8-bar level – which is the result of the strong Initial Trend (7 bars) and significant Uniformity and Clarity (both rated at the 8 bar level). USD/JPY is expected to fall further inside this Down Channel – in line with the earlier downward reversal from the powerful resistance zone shown below.


As can be seen from the daily USD/JPY chart below, the top of this Down Channel formed when the price reversed down from the major resistance area lying between the multi-month resistance level 114.40  (which has been reversing the price from May) and the upper daily Bollinger Band. The proximity of this resistance area adds to the probability USD/JPY will continue to fall inside this Down Channel.


To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.


For further information on this and other Autochartist products visit


You may also like

Leave A Comment

Please enter your name. Please enter an valid email address. Please enter message.