Daily Forex Update: EUR/JPY

By: Dima Chernovolov

EUR/JPY continues to rise inside the well-formed Rising Wedge chart pattern which was recently identified by Autochartist on the 30-minutes charts. Autochartist rates the Quality of this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (one bar), significant Uniformity (8 bars) and near-maximum Clarity (9 bars). EUR/JPY is expected to rise further inside this Rising Wedge  – following the earlier breakout of the resistance zone shown below.

Eurjpy Autochartist forex

As can be seen from the daily EUR/JPY chart below, this Rising Wedge is aligned with the weekly upward price impulse which earlier broke through the resistance zone lying between the resistance levels 124.00, 126.00 and the 50% Fibonacci correction of the weekly downward impulse from 2016.  The strength of the active weekly impulse wave increases the probability EUR/JPY will continue to rise inside this Rising Wedge.

Eurjpy uptrend

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