Daily Forex Update: EUR/JPY

By: Dima Chernovolov

EUR/JPY recently broke the 4-hour Triangle chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 6-bar level – which is the result of the slow Initial Trend (2 bars), above average Uniformity (6 bars) and higher average Clarity (8 bars). EUR/JPY is expected to rise toward the forecast price 132.16 – in line with the earlier upward reversal from the powerful support level shown below.

As can be seen from the daily EUR/JPY chart below, the price earlier reversed up with the daily Japanese candlesticks reversal pattern Hammer from the strong support level 129.60 (which has been reversing the price from March). The proximity of this support level increases the probability EUR/JPY will continue rise toward the forecast price 132.16.

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