USD/JPY continues to decline inside the well-formed Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured at the 6 bar level as a result of the low Initial Trend (rated at one bar level) and substantial Uniformity and Clarity (both rated at the 8 bar level). The higher Uniformity and Clarity describe the well formed chart pattern with high visibility to the market participants. This chart pattern develops in line with the predominant downtrend visible on the daily, weekly and the monthly USD/JPY charts. The pair is expected to fall further in the nearest time toward the lower support trendline of this Triangle, which is also indicated by the PowerStats analysis shown below.
As can be seen from the PowerStats chart analysis below, all of the daily Expected Price Range for USD/JPY for tomorrow (from 78.1909 to 77.4191) stands below the upper resistance trendline of this Triangle, which adds to the likelihood that this currency pair will continue downward movement tomorrow.
For further information on this and other Autochartist products visit www.autochartist.com