Daily Forex Update: EUR/JPY

By: Dima Chernovolov

EUR/JPY continues to rise after the earlier breakout of the daily Triangle chart pattern which was recently identified by Autochartist. Autochartist measures the quality of this Triangle at the 6-bar level – which is the result of the slow Initial Trend (3 bars), strong Uniformity (9 bars) and significant Clarity (7 bars). EUR/JPY is expected to rise toward the Forecast Price 132.95 – in line with the earlier breakout of the resistance level shown below.

As can be seen from the daily EUR/JPY chart below, the breakout of this Triangle accelerated the active daily impulse wave – which started in August from the major support level 125.00. The price earlier broke through the resistance level 131.90 (the top of this Triangle). This price level is acting as a strong support after it was broken.  The proximity of this support level increases the probability EUR/JPY will continue to rise toward the Forecast Price 132.95.

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