Daily Forex Update: USD/JPY
AutoChartist | Sep 04, 2013 04:46AM ET
USD/JPY continues to rise after the recent sharp breakout of the daily Triangle chart pattern identified by Autochartist – as you can see from the trade opportunity alert shown below. The pair is expected to rise to the target level 103.76 in the next 9 trading days. The price is currently approaching the resistance level 101.54 (point B, which corresponds to the last connecting point of the upper resistance trendline of this Triangle) which should be broken for this forecast to be realized. The stop-loss for this forecast is set by Autochartist at 95.79 (point A). The upward-sloping daily moving average as well as the Volatility Analysis shown below both confirm this forecast.
As you can see from the following Volatility Analysis chart for USD/JPY, all of the daily Expected Price Range calculated for this currency pair (from 98.68 to 100.47) stands above the projected value of the broken resistance trendline of the aforementioned daily Triangle – which adds to the likelihood USD/JPY will continue to rise tomorrow.
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