Daily Forex Update: USD/JPY

By: Dima Chernovolov

USD/JPY continues to rise inside the 30-minute Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 8-bar level – which is the result of the sharp Initial Trend (8 bars) and strong Uniformity and Clarity (both rated at the 9 bar level). USD/JPY is expected to rise further inside this chart pattern – in line with the earlier breakout of the major resistance level shown below.

As can be seen from the daily USD/JPY chart below, the price earlier broke the major resistance level 111.00 (which has been steadily reversing the price from the middle of May). The breakout of this resistance level accelerated the pair inside the active daily impulse wave (its strength is reflected by the high Initial Trend value). The strength of the active daily impulse wave increases the probability USD/JPY will continue to rise inside this chart pattern.

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