Trade of the Day: USD/JPY

USD/JPY rising inside the 4-hour Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend (2 bars), low Uniformity (3 bars) and strong Clarity (8 bars). USD/JPY is expected to rise further inside this Up Channel.

As can be seen from the daily USD/JPY chart below – the pair earlier reversed up from the support level 148.50 (former strong resistance from November of 2022). This price level is acting as the strong support now after it was broken previously. The proximity of this support level and the clear daily uptrend increase the probability USD/JPY will continue to rise further inside this Up Channel.