Daily Forex Update: EUR/JPY
By: Dima Chernovolov
EUR/JPY continues to rise inside the Up Channel chart pattern which was recently identified by Autochartist on the hourly charts. Autochartist rates the quality of this Up Channel at the 3-bar level – which is the result of the equally rated Initial Trend, Uniformity and Clarity. EUR/JPY is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the key 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 Morning Star from the key support level 131.30 (former strong resistance level which reversed the pair twice in August). The proximity of this support level and the accelerating daily CCI increase the probability EUR/JPY will continue to rise inside this Up Channel.
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