Trade of the Day: USD/JPY

USD/JPY rising toward the key resistance level 146.63, which was recently identified by Autochartist on the 4-hour charts. Autochartist rates the significance of this resistance level at the 4-bar level – which is the result of the 4 earlier reversals from this price level. USD/JPY is expected to soon reach this resistance level.

As can be seen from the daily USD/JPY chart below – the pair earlier reversed up from the support area located between the support level 145.00 (former monthly high from June), 20 day moving average and the 50% Fibonacci correction of the upward impulse from the start of August. The proximity of this support area and the clear daily uptrend increase the probability USD/JPY will continue to rise to the resistance level 146.63.