Trade of the Day: USD/JPY

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 4-bar level – which is the result of the slow Initial Trend (1 bar), medium Uniformity (5 bars) and strong Clarity (8 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 above the key resistance level 145.00 (which stopped the previous sharp uptrend in June). This price level is acting as the strong support after it was broken. The proximity of this support level and the clear daily uptrend increase the probability USD/JPY will continue to rise inside this Rising Wedge.