Daily Forex Update: USD/JPY

By: Dima Chernovolov

USD/JPY continues to rise inside the 30-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend (one bar), medium Uniformity (5 bars) and higher Clarity (6 bars). USD/JPY expected to rise further inside this Up Channel – in line with the recent breakout of the key resistance level shown below.

As can be seen from the daily USD/JPY chart below, the pair earlier broke through the key resistance level 110.00 (which reversed the price a few times in May and also at the start of June) – which added to the bullish pressure on this currency pair. This price level is acting as support level after it was broken. The proximity of this support level increases the probability USD/JPY will continue to rise inside this Up Channel.

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