Trade of the Day: CHF/JPY

CHF/JPY continues to rise inside the hourly Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 3-bar level – which is the result of the slow sharp Initial Trend, Uniformity and Clarity (3 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 level 158.70, intersecting with the daily up channel from May. Both of these price levels are acting as the support levels after they were broken. The proximity of these support levels and the clear daily uptrend increase the probability CHF/JPY will continue to rise inside this Rising Wedge.