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 5-bar level – which is the result of the medium Initial Trend (5 bars), higher Uniformity (6 bars) and average Clarity (5 bars). USD/JPY is expected to rise further inside this Rising Wedge.

As can be seen from the daily USD/JPY chart below – the pair earlier broke through the the resistance level 146.00 (which has been reversing the price from the start of September) and the resistance trendline of the weekly up channel from May. Both of these levels are acting as the support for this currency pair now. The proximity of these support levels and the strong daily uptrend increase the probability USD/JPY will continue to rise inside this Rising Wedge.