Trade of the Day: CHF/JPY

CHF/JPY recently formed the 15-minute Rising Wedge chart pattern, which was identified by Autochartist. This chart pattern indicates possible bullish price movement toward the target level 167.22. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 166.44 with the protective stop-loss at 165.80.

As can be seen from the daily CHF/JPY chart below – the pair earlier reversed up from the major support level 162.00 (which has been reversing the price from August) standing near the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from June. Given the strength of the support level 162.00 and the clear daily uptrend, CHF/JPY can be expected to rise further toward the target level 167.22.