Trade of the Day: CHF/JPY
CHF/JPY continues to rise inside the 15-minute Rising Wedge chart pattern, which was earlier identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 7-bar level – which is the result of the below-average Initial Trend (4 bars), significant Uniformity (7 bars) and near-maximum Clarity (9 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 the resistance area located between the resistance level 142.30 (which has been reversing the price from the middle of January) and the 38.2% Fibonacci correction of the downward impulse from last October. This price area is acting as the strong support area after it was broken. The proximity of this support area adds to the probability CHF/JPY will continue to rise inside this Rising Wedge.