By: Dima Chernovolov
EUR/JPY recently broke the 4-hour Falling Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 7-bar level – which reflects the slow Initial Trend (3 bars), average Uniformity (5 bars) and near-maximum Clarity (9 bars). Autochartist rates the strength of this breakout at the maximum, 10-bar level – which adds to the likelihood the pair will soon reach the forecast price 134.02.
As can be seen from the daily EUR/JPY chart below, the price earlier reversed up with the daily Morning Star from the support area lying between the pivotal support level 129.30 (which also reversed the price in September) and the lower daily Bollinger Band. The proximity of this support area increases the probability EUR/JPY will continue to rise toward the forecast price 134.02.
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