USD/JPY daily chart shows a high quality Channel Down chart patterns are formed. The quality of this pattern is grade 8 bars by Autochartist. The high quality of this chart pattern, as a result of the high reading on all quality indicators that contribute to its value. These are the first trend reading 8 bars, Uniformity 8 bars and Clarity reading at 9 bar.
The high quality of this chart pattern underlines the strength of the current down trend. Price has recently turned from the area near the level of the strong support of 80,00.This level has not been tested since 1995; the strength of this level of support, in addition to the bullish divergences on the trending indicators suggest that the couple could continue the upward correction in the coming sessions.
Tim USD/JPY chart shows a complete Double bottom reversal chart patterns; this pattern reverses the previous downward trend with a breakout is measured by at 6 bar of Autochartist.Price has already reached the target area is located between 81.6175 and 81.8175.
Be careful to buy upside breakout inside the daily down trend channel; it is advisable to use stricter Stop-losses, placed at a distance not greater than 2 EPR (expected price range) from the record. Expected price range in each hour, USD/JPY chart represents 21 pips as you can see below:
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