CHF/JPY Continues To Rise Inside 30-Minute Up Channel Chart Pattern
AutoChartist | Feb 04, 2019 04:52AM ET
CHF/JPY continues to rise inside the 30-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which is the result of the significant Initial Trend (7 bars), above-average Uniformity (6 bars) and strong Clarity (8 bars). CHF/JPY is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the key support area shown below.
As can be seen from the weekly CHF/JPY below, the pair previously reversed up with the weekly Hammer with from the support area lying between the long-term support level 109.10 (which has been reversing the price from the middle of 2018) and the lower weekly Bollinger Band®. The proximity of this support zone increases the probability CHF/JPY will continue to rise inside this Up Channel.
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