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.
Autochartist has recently identified the 4-hour Ascending Triangle chart pattern on the USD/JPY charts, as can be seen on the following trade opportunity alert that I received recently for this currency pair. USD/JPY is expected to rise further toward the upper resistance trendline of this chart pattern – which runs parallel to the target level calculated by Autochartist for this advance, 99.895 (point B on the chart below). The stop-level is set at the recent upward reversal point of the lower support trendline of this Ascending Triangle – 97.024 (point A on the chart below). Given the strength of the uptrend affecting this pair – as seen on the daily charts – there is a high probability USD/JPY will reach 99.895 in the following 3 trading days.
As you can see from the following Volatility Analysis chart for USD/JPY, the upper boundary of the daily Expected Price Range calculated for this pair (99.57) stands close to the target level given in the above trade opportunity alert (99.89) – which heightens the chances the pair will continue to rise toward 99.89 tomorrow.
To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.
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