Trade of the Day: GBP/JPY

GBP/JPY continues to rise inside the 60-minute Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 5-bar level – which is the result of the low Initial Trend (3 bars), below-average Uniformity (4 bars) and strong Clarity (8 bars). GBP/JPY is expected to rise further inside this Triangle.

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 183.75 (former strong resistance from June and July), 20 day moving average and the 50% Fibonacci correction of the upward impulse from July. The proximity of this support zone and clear daily uptrend increase the probability GBP/JPY will continue to rise inside this Triangle.