Trade of the Day: GBP/JPY
By: Dima Chernovolov
GBP/JPY today broke the 15-minute Ascending Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 6-bar level – which is the result of the medium Initial Trend (5 bars), significant Uniformity (8 bars) and higher Clarity (9 bars). GBP/JPY is expected to rise toward the forecast price 163.03.
As can be seen from the daily GBP/JPY chart below – the pair earlier reversed up from the support area located between the support level 160.00 (which has been reversing the price from June), lower Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from May. The proximity of this support area and the clear daily uptrend increase the probability GBP/JPY will continue to rise toward the forecast price 163.03.