Daily Forex Update: EUR/JPY
By: Dima Chernovolov
Autochartist recently identified the breakout of the high-quality Falling Wedge chart pattern on the 4-hour EUR/JPY charts. The overall Quality of this Falling Wedge is rated by Autochartist at the 8 bar level – which reflects strong Initial Trend and Uniformity (both rated similarly at the 8 bar level) and above-average Clarity (6 bars). Autochartist rates the strength of this Falling Wedge breakout at the maximum, 10-bar level – which adds to the probability the price will continue to rise toward the Forecast Price 124.66.
As you can see from the daily EUR/JPY chart – the bottom of this Falling Wedge formed when the pair reversed up from the major long-term support level 122.20 (which has been steadily reversing the price from February). The proximity of this support level increases the likelihood the pair will soon reach the Forecast Price 124.66 (top of this Falling Wedge).
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