USD/JPY continues to rise after the recent completion of the Triangle chart pattern identified by Autochartist on the hourly charts. The overall Quality of this chart pattern is measured at the 7 bar level reflecting the strong Initial Trend (rated at the maximum 10 bar level), and average Uniformity and Clarity (both measured at the 5 bar level). This chart pattern continues the previous sharp daily upward price impulse (whose strength is reflected by the high Initial Trend value) from the major support level 76.60. The upward reversal from 76.60 was accelerated by the subsequent sharp breakout through the long-term downtrend resistance trendline from the middle of 2007 (shown on the second chart below). The pair has recently broken up through the upper resistance trendline of this Triangle with the breakout, whose strength is measured at the highest 10 bar level. The pair is expected to rise further toward the Forecast price 81.52.
The following weekly USD/JPY demonstrates the aforementioned technical price levels:
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