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.

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 www.autochartist.com