Daily Forex Update: USD/JPY
By: Dima Chernovolov
USD/JPY continues to rise after the earlier breakout of the Key Resistance Level 111.3830, which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Significance of this Resistance Level at the 4 bar level – which is the result of the four previous price reversals from this price level. USD/JPY is expected to rise further toward the Forecast Price 112.7476.
As can be seen from the daily USD/JPY chart below, the price earlier reversed up from the strong support zone lying between the powerful support level 111.00 (former resistance from June and July), support trendline of the daily up channel from March and the 50% Fibonacci correction of the upward impulse from May. The proximity of this support zone increases the probability USD/JPY will continue to rise toward the forecast price 112.7476.
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