Daily Forex Update: EUR/JPY

By: Dima Chernovolov

EUR/JPY continues rise inside the hourly Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend (4 bars), low Uniformity (one bar) and substantial Clarity (9 bars). EUR/JPY expected to rise further inside this Up Channel – in line with the previous upward reversal from the major support level shown below.

As can be seen from the daily EUR/JPY chart below, the pair recently up from the combined support zone lying between the major support level 125.00 (which reversed the sharp downtrend in May) and the lower daily Bollinger Band. The proximity of this support zone increases the probability EUR/JPY will continue to rise inside this Up Channel.

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