Trade of the Day: USD/JPY

By: Dima Chernovolov

USD/JPY continues to rise inside the 15-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 7-bar level – which is the result of the strong Initial Trend (8 bars), significant Uniformity (7 bars) and higher Clarity (8 bars). USD/JPY is expected to rise further inside this Rising Wedge .

As can be seen from the USD/JPY chart below – the price recently up from the support zone located between the key support level 131.22 (former monthly high from April and May) and the 50% Fibonacci correction of the upward impulse from May. The proximity of this support area and the clear daily uptrend increase the probability USD/JPY will continue to rise inside this Rising Wedge.