Trade of the Day: CHF/JPY
By: Dima Chernovolov
CHF/JPY continues to rise inside the 15-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of Up Channel at the 7-bar level – which is the result of the slower Initial Trend (4 bars), higher Clarity (6 bars) and substantial Uniformity (9 bars both). CHF/JPY is expected to rise further inside this Up Channel – in line with the recent breakout of the long-term resistance level shown below.
As can be seen from the daily CHF/JPY chart below – the price earlier long-term resistance level 118.50 (which has been reversing the price from 2017). This price level is now acting as the strong support level after as broken. The proximity of this support level adds to the probability CHF/JPY will continue to rise inside this Up Channel.