Trade of the Day: GBP/JPY

GBP/JPY recently broke the hourly Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 6-bar level – which is the result of the low Initial Trend (3 bars), low Uniformity (2 bars) and significant Clarity (7 bars). GBP/JPY is expected to rise toward the forecast price 185.97.

As can be seen from the daily GBP/JPY chart below – the pair earlier reversed up from the support area located between the key support level 183.75 (former monthly high from June and July), 20 day moving average and the 50% Fibonacci correction of the upward impulse from the start of August. The proximity of this support area and the clear daily uptrend add to the probability GBP/JPY will continue to rise toward the forecast price 185.97.