Daily Forex Update: USD/JPY

By: Dima Chernovolov

USD/JPY continues to rise after the earlier breakout of the Double Bottom chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist measures the Quality of this Double Bottom at the 4 bar level – which is the result of the medium Initial Trend and Uniformity (both rated at the 5 bar level) and the lower Clarity (one bar). USD/JPY is expected to rise to the forecast price 115.78 in the nearest time.

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As can be seen from the daily USD/JPY chart below, the two lower price pivots of this Double Bottom formed when the pair reversed up from the support zone lying between the strong support level 111.80 (which has been repeatedly reversing the price from November), lower daily Bollinger Band and the 38.2% Fibonacci correction of the earlier sharp upward impulse from November. The strength of the uptrend visible on the daily charts increases the probability of further gains for this currency pair.

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