Daily Forex Update: USD/JPY

By: Dima Chernovolov

USD/JPY continues to rise inside the 15-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the sharp Initial Trend (10 bars), average Uniformity (5 bars) and strong Clarity (9 bars). USD/JPY is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the major support area shown below.

As can be seen from the weekly USD/JPY below, the pair recently reversed up sharply from the powerful support zone lying between the long-term support level 105.00 (which also reversed the previous sharp downtrend at the start of 2018) and the lower weekly Bollinger Band. The proximity of this support area increases the probability USD/JPY will continue to rise inside this Up Channel.

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