By: Dima Chernovolov
CHF/JPY continues to rise inside the 30-minute Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of Rising Wedge at the 6-bar level – which is the result of the below-average Initial Trend (4 bars), higher Clarity (6 bars) and strong Uniformity (8 bars). CHF/JPY is expected to rise further inside this Rising Wedge – in line with the earlier breakout of the resistance level shown below
As can be seen from the daily CHF/JPY chart below – the price earlier broke the key resistance level 118.098 (previous monthly high from March). This price level is acting as the support after it as broken. The proximity of this support level and the strength of the active daily upward impulse increase the probability CHF/JPY will continue to rise inside this Rising Wedge.