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 7-bar level – which is the result of the medium Initial Trend (5 bars), average Uniformity (5 bars) and strong Clarity (8 bars). EUR/JPY expected to rise further inside this Up Channel – in line with earlier previous breakout of the resistance area shown below.
As can be seen from the daily EUR/JPY chart below, the pair recently broke above the resistance area lying between the pivotal resistance level 127.30 (former support from June), resistance trendline of the daily down channel from July and the 50% Fibonacci correction of the previous downward impulse from last month. This price zone is acting as a support area after it was broken. The proximity of this support area increases the probability EUR/JPY will continue to rise inside this Up Channel.
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