CHF/JPY continues rise inside the 4-hour Rising Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (one bar), above-average Uniformity (7 bars) and higher Clarity (8 bars). CHF/JPY expected to rise further inside this Rising Wedge – in line with earlier breakout of the major resistance level shown below.
As can be seen from the daily CHF/JPY chart below, the pair recently broke through the major resistance level 113.00 (which has been steadily reversing all upward impulses by this pair from the start of March). This price level is acting as a strong support level after it was broken. The proximity of this support level increases the probability CHF/JPY will continue to rise inside this Rising Wedge.