Trade of the Day: CHF/JPY

CHF/JPY broke the 4-hour Pennant, which was recently identified by Autochartist. The chart pattern indicates possible bullish price movement toward the target level 167.21. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 166.36 with the protective stop-loss at 165.61.

As can be seen from the daily CHF/JPY chart below – the pair earlier reversed up from the key support level 165.4, coinciding with the 20-day moving average and the 38.2% Fibonacci correction of the upward impulse from the start of October. The proximity of these support levels adds to the probability CHF/JPY will continue to rise toward the target level 167.21.