Trade of the Day: USD/JPY

USD/JPY rising toward the 30-minute resistance level 151.86, which was recently identified by Autochartist. The chart pattern indicates possible bullish price movement toward the target level 151.86. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 151.16 with the protective stop-loss at 150.74.

As can be seen from the daily USD/JPY chart below – the pair earlier reversed up from the round support level 150.00 (former resistance from the start of October) intersecting with the 20-day moving average, support trendline of the daily up channel from September, 61.8% Fibonacci correction of the upward impulse from October. The proximity of these support levels and the clear daily uptrend increase the probability USD/JPY will continue to rise toward the target level 151.86.