Trade of the Day: USD/JPY

By: Dima Chernovolov

USD/JPY continues to rise inside the daily Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of Triangle at the 6-bar level – which is the result of the significant Initial Trend and Clarity (6 bars) and lower Uniformity (4 bars). USD/JPY is expected to rise further inside this Triangle.

As can be seen from the daily USD/JPY chart below – the pair earlier reversed up from the support area located between the key support level 109.30 (which has been reversing the price from the start of June) and the 38.2% Fibonacci correction of the upward impulse from April. The proximity of this support area increases the probability daily USD/JPY will continue to rise inside this daily Triangle.