Daily Forex Update: USD/JPY

By: Dima Chernovolov

USD/JPY recently reversed down from the resistance trendline of the Up Channel which was previously identified by Autochartist on the daily charts. Autochartist rates the Quality of this chart pattern at the 8 bar level – which reflects the sharp Initial Trend (10 bars), above-average Uniformity (6 bars) and significant Clarity (7 bars). USD/JPY is expected to continue to fall inside this Up Channel – continuing the strong downtrend that can be seen on the daily USD/JPY charts (reflected by the maximum Initial Trend value). 

02112016dailyfximage1

The downward reversal from the resistance trendline of this Up Channel led to the breakout of the shorter-term Pennant chart pattern (which was also earlier identified by Autochartist on the daily charts) – which is located inside this Up Channel. Two bearish chart patterns increase the likelihood USD/JPY will continue to fall toward the forecast price 101.75 calculated for the breakout of this Pennant.

02112016dailyfximage2

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.

 

For further information on this and other Autochartist products visit www.autochartist.com

1 Likes
361 Views

You may also like

Leave A Comment

Please enter your name. Please enter an valid email address. Please enter message.

Sign-up






* = Required Field