Trade of the Day: GBP/JPY

ChartViper Trade of the Day

GBP/JPY recently broke the hourly Triangle chart pattern, which was recently identified by Autochartist . Autochartist rates the quality of this Triangle at the 6-bar level – which is the result of the slow Initial Trend (3 bars), average Uniformity (5 bars), and significant Clarity (7 bars). GBP/JPY is expected to rise toward the forecast price 153.79.

As can be seen from the daily GBP/JPY chart below – the pair earlier reversed up from the support area lying between the key support level 153.00 (previous monthly low from January ), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp upward impulse from last December. The proximity of this support area adds to the probability GBP/JPY will continue to rise toward the forecast price 153.79.

Want to get full Autochartist Access including the Autochartist Market Scanner, email reports,
Mobile App, and the full Autochartist Web App?

Subscribe here: ChartViper Subscriptions