USD/JPY is moving inside the high Quality Triangle chart pattern identified by Autochartist on the daily charts. The Quality of this chart pattern is rated at the 8 bar level which is the result of the maximum Initial Trend and the Uniformity values (both rated at the 10 bar level) and the above-average Clarity (6 bars). High Initial Trend corresponds to the sharp down impulse that preceded this Triangle and which reversed from the major long-term support at the price level 80.00. This support level formed the first connecting point for the lower support line of this chart pattern. The price has recently reversed up from this trend line, increasing the chances that the pair will rise toward the upper resistance line of this Triangle in the near time.
As can be see form the PowerStats chart below, the upper boundary for the daily Expected Price Range (82.90) stands very close to the upper resistance line of this chart pattern. This also adds to the chances that this trend line will be tested soon.
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