USD/JPY has recently completed the Triangle chart pattern identified by Autochartist on the 4-hour charts. Autochartist rates the overall Quality of this chart pattern at the 3 bar level as a result of the 1-bar Initial trend and Clarity and 2-bar Uniformity. The completion of this Triangle continues the prevailing downtrend that can be seen on the daily and the weekly USD/JPY charts. The top of this chart pattern (point A on the chart below) formed when the pair reversed down from the combined resistance area made out of the 61,8% Fibonacci Retracement of the preceding downward price thrust from the end of June and the resistance trendline from April (as is show on the second chart below). The bottom of this Triangle (point C) formed when the price corrected up from the strong support 78.00, which has been reversing the pair from the June of this year. The pair is expected to fall further toward the Forecast Price 78.06. The support at 78.00 should be broken on a closing basis for the pair to fall further.
The daily USD/JPY chart below shows the technical price levels mentioned above:
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