Trade of the Day: CHF/JPY

CHF/JPY rising inside the hourly up channel chart pattern, which was recently identified by Autochartist. The chart pattern indicates possible bullish price movement toward the target level 170.73. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 168.75 with the protective stop-loss at 167.73.

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As can be seen from the daily CHF/JPY chart below – the pair earlier reversed up from the key support level 168.00 (former strong resistance from October) standing near the 20-day moving average and the  38.2% Fibonacci correction of the previous upward impulse from October. Given the proximity of the support level 168.00 and the clear daily uptrend , CHF/JPY can be expected rise further toward the target level 170.7