Trade of the Day: USD/JPY
By: Dima Chernovolov
USD/JPY recently broke the 4-hour Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (1 bars), strong Uniformity (8 bars) and medium Clarity (5 bars). USD/JPY is expected to fall toward the forecast price 113.44.
As can be seen from the daily USD/JPY chart below – the price earlier reversed down from the resistance are allocated between the ley resistance level 115.50 and the upper daily Bollinger Band. The proximity of this resistance area adds to the probability USD/JPY will continue to fall forecast price 113.44.