By: Dima Chernovolov
USD/JPY recently broke the Uniform Triangle chart pattern which was earlier identified by Autochartist on the daily charts. Autochartist measures the Quality of this Triangle at the 5-bar level – which is the result of the average Initial Trend (5 bars), near-maximum Uniformity (9 bars) and significant Clarity (8 bars). USD/JPY is expected to rise to the forecast price 104.29 in the nearest time.
As you can see below, the breakout of this Triangle coincided with the breakout of the Flag chart pattern which was also previously identified by Autochartist on the daily USD/JPY charts. The high Initial Trend reflects the strength of the previous upward impulse from the major support level 100.00. The breakout of the two different-type daily chart patterns heightens the probability USD/JPY will continue to rise in the direction of the forecast price 104.29.
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