USD/JPY Reaches Intraday Forecast Region Support

Chart patterns are not the only tool available to determine the next leg of movement in a pair. Often the support and resistance identified by Forecast Regions can overlap across timeframes and offer insight into where buyers and sellers are stepping in. While Forecast Regions are normally reserved for profit targets after entries, preparing for the next move and the next area of reversal can be a powerful strategy to set up the next entry.

Here's a look at this morning's USD/JPY across the 15 and 60 minute charts.





Both these chart patterns have broken their respective uptrend line support levels and reached the Forecast Region plotted by Autochartist. Even though one pattern was a consolidation pattern, the triangle on the 15 minute, and the other was a trending pattern, a channel on the 60 minute, both have found Forecast Region support.

Today's USD/JPY continues to find support above the 93.50 psychological level and is looking to make another run up at the 94.00 level. The first step to any potential rally however is identifying where the buying support will build. The Forecast Regions on these two charts show exactly where on the two important intraday timeframes.

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