By: Dima Chernovolov
CHF/JPY continues to rise inside the 15-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 97-bar level – which is the result of the strong Initial Trend (10 bars), medium Uniformity (5 bars) and higher Clarity (6 bars). CHF/JPY is expected to rise further inside this Rising Wedge.
As can be seen from the daily CHF/JPY chart below – the pair earlier reversed up with the daily Hammer from the support area located between the key support level 138.90 (former multi-candle support from the start of June), lower Bollinger Band and the 61.8% Fibonacci correction of the upward impulse June. The proximity of this support area and the strong daily uptrend increase the probability CHF/JPY will continue to rise inside this Rising Wedge.