USD/JPY continues to rise inside the 4-hour Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 4-bar level – which is the result of the slow Initial Trend (4 bars), medium Uniformity (5 bars) and lower Clarity (2 bars). USD/JPY is expected to rise further inside this Triangle.
As can be seen from the daily USD/JPY chart below – the pair earlier reversed up from the support area located between the key support level 127.11 (which has been reversing the pair from last April) and the lower daily Bollinger Band. The proximity of this support area adds to the probability USD/JPY will continue to rise inside this Triangle.