By: Dima Chernovolov
I recently subscribed to Autochartist’s latest e-mail feature and received this trade opportunity alert this morning. Autochartist’s latest feature provides traders with a quick morning technical outlook of the markets.
As you can see from the following trade opportunity alert for USD/JPY, this currency pair is expected to rise to the target level 98.7759 in the next 21 hours – as a result of the recent breakout of the Ascending Triangle chat pattern identified by Autochartist on the hourly USD/JPY charts. The stop-level for this advance is set at 97.547 (point A on the chart below, which corresponds to the last upward reversal point of the lower support trend-line of this chart pattern). This bullish forecast is aligned with the strong medium-term uptrend visible on the daily USD/JPY charts. The pair is trading close to the resistance level 98.165 (B) which should be broken for the pair to reach the target level 98.7759.
As can be seen from the following PowerStats chart for USD/JPY, the upper boundary of the daily Expected Price Range calculated for this currency pair (98.5913) stands close to the target level calculated for the breakout of the above Ascending Triangle (98.7759) – which adds to the likelihood the pair will rise to 98.7759 in the next 21 hours.
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