Autochartist Forecast

The USD/JPY pair has formed a flag chart pattern on the 60 minute chart as prices are heading higher within a channel.  The difference between a flag and a channel is that flags are typically shorter and wider and ideally form in a distribution market cycle (C).  However, this particular pattern formed although the Initial Trend reading (IT) was high.  It results in the flag chart pattern still being valid but also points to a possible continuation of the pattern's uptrend support line (S).  This support level is the indicator for a continuation or reversal.