USD/JPY has recently completed the Uniform Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is rated at the 4 bar level as a result of the low Initial Trend (measured at the 3 bar level), significant Uniformity (7 bars) and average Clarity (5 bars). This Triangle reverses the previous upward price impulse from the strong support at 75.60, continuing the prevailing downtrend visible on the daily, weekly and the monthly USD/JPY charts. The pair is expected to fall further in the direction of the Forecast Area located between price levels 76.01 and 76.45.
As can be seen from the following hourly Key Levels chart USD/JPY, the above Breakout coincided with the Breakout through the horizontal Support level 76.7485, identified previously by Autochartist. The Forecast Area for this Breakout (from 76.1630 to 76.4955) stands very close to the Forecast Area calculated for the above Tangle Breakout (from 76.01 to 76.45), which increases the probability that USD/JPY will fall further tomorrow.
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