USD/JPY has recently completed the extended Triangle chart pattern identified by Autochartist on the daily charts. The length of this chart pattern is equal to 251 candles. Autochartist rates the overall Quality of this Triangle at the 6 bar level as a result of the average Initial Trend (rated at the 5 bar level), substantial Uniformity (8 bars) and above-average Clarity (6 bars). Higher Uniformity and Length increase the visibility of this chart pattern which heightens the likelihood of the further follow-thought buying of this pair in the nearest time. The pair has recently broken through the upper resistance trendline of this Triangle (coinciding with the 4-year-long weekly resistance trendline from the June of 2007, shown on the second chart below) with the Breakout whose strength is measured at the maximum 10 bar level. The pair is expected to advance further toward the Forecast Region set between price levels 81.03 and 85.44.
The following weekly USD/JPY chart shows the longer-term picture of this currency pair's movement:
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