Trade of the Day: CHF/JPY

CHF/JPY continues to rise toward the key resistance level  165.23, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 3-bar level – which is the result of the three previous reversals from this price level. CHF/JPY is expected rise toward the resistance level  165.23.

As can be seen from the daily CHF/JPY chart below – the pair earlier reversed up from the major support level 164.00 (former monthly high from July, which also reversed the pair in August) intersecting with the lower weekly Bollinger Band. The proximity of this support area and the clear daily uptrend increase the probability CHF/JPY will continue to rise toward the resistance level  165.23