Daily Forex Update: USD/JPY

By: Dima Chernovolov

USD/JPY recently reversed down from the resistance trendline of the Up Channel which was previously identified by Autochartist on the daily charts. Autochartist rates the Quality of this chart pattern at the 8 bar level – which reflects the sharp Initial Trend (10 bars), above-average Uniformity (6 bars) and significant Clarity (7 bars). USD/JPY is expected to continue to fall inside this Up Channel – continuing the strong downtrend that can be seen on the daily USD/JPY charts (reflected by the maximum Initial Trend value). 


The downward reversal from the resistance trendline of this Up Channel led to the breakout of the shorter-term Pennant chart pattern (which was also earlier identified by Autochartist on the daily charts) – which is located inside this Up Channel. Two bearish chart patterns increase the likelihood USD/JPY will continue to fall toward the forecast price 101.75 calculated for the breakout of this Pennant.


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