Trade of the Day: CHF/JPY

CHF/JPY recently broke the hourly key resistance level 164.21, which was identified by Autochartist. This chart pattern indicates possible bullish price movement toward the target level 165.21. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 164.63 with the protective stop-loss at 163.56.

As can be seen from the daily CHF/JPY chart below – the pair earlier reversed up from the support area located between the powerful support level 162.00 (which has been reversing the price from August) and the 50% Fibonacci correction of the upward impulse from June. Given the proximity of the support level 162.00 and the clear daily uptrend, CHF/JPY can be expected to rise further toward the target level 165.21.