USD/JPY is moving up inside the Up Channel chart pattern identified by Autochartist on the daily charts. The Quality of this chart pattern is rated at the above-average 6 bar level as a result of the low Initial Trend (measured at the 3 bar level), higher Uniformity (6 bars) and near maximum Clarity (rated at the 9 bar level). This pattern continues the medium-term uptrend that started when the previous sharp downward impulse was reversed from the major long-term support level at 80.00. The price has recently reversed up from the support level at 81.50 which also stands close to the uptrend support line of the longer-term Triangle shown on the next chart below. The price is expected to rise further in the coming sessions.
The following chart shows the longer-term Triangle chart pattern that has also been identified by Autochartist on the daily charts. The strong Quality of this chart pattern (rated at the 7 bar level) is largely the result of the maximum Initial Trend value (10 bars) which reflects the strength of the previous downward impulse, mentioned above. The price is close to the lower support trend line of this Triangle that should add to the upward momentum in the coming sessions.
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