By: Dima Chernovolov
USD/JPY continues to rise inside the 30-minute Up Channel chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the sharp Initial Trend (10 bars), medium Uniformity (5 bars) and significant Clarity (8 bars). USD/JPY is expected to rise further inside this Up Channel.
As can be seen from the daily USD/JPY chart below – the pair earlier reversed up from the support area located between the support level 109.7 (former correction low from June), lower daily Bollinger band and the 50% Fibonacci correction of the upward impulse from April. The proximity of this support zone and clear uptrend increase the probability USD/JPY will continue to rise inside this 30-minute Up Channel.