Daily Forex Update: USD/JPY
AutoChartist | Jul 28, 2014 02:45AM ET
USD/JPY recently reversed up from the lower support trendline of the daily down channel chart pattern that was earlier identified by Autochartist – as you can see from the following trade opportunity alert for this currency pair. USD/JPY is expected to break this down channel and then to rise to the target level 102.21 (point B) in the next 2 trading days. Autochartist set the stop-level for this forecast at 101.06 (point A, the bottom of this Down Channel). The Volatility Analysis show on the second chart below confirms this forecast.
As you can see from the following Volatility Analysis chart for USD/JPY, the upper boundary of the daily Expected Price Range (102.25) stands within a few pips’ of the target set in the above trade opportunity alert (102.21) – which adds to the likelihood USD/JPY will continue to rise toward this target tomorrow. - See more at: http://www.autochartist.com/daily-forex-update-usdjpy-48/#sthash.QTF2BzEw.dpuf
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