Trade of the Day: CHF/JPY

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 8-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 broke above the key resistance level 143.10, which has been repeatedly reversing the pair from June. This price level is acting as the strong support after it was broken. The proximity of this support level and the powerful daily uptrend increase the probability CHF/JPY will continue to rise inside this Rising Wedge.