Trade of the Day: USD/JPY
USD/JPY continues to rise inside the hourly Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which is the result of the slow Initial Trend (1 bar), below-average Uniformity (4 bars) and significant Clarity (7 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 reversed up from the support area located between the pivotal support level 133.356 (former resistance from March and April), and the 50% Fibonacci correction of the upward impulse from March. The proximity of this support area adds to the probability USD/JPY will continue to rise inside this Rising Wedge.