By: Dima Chernovolov
EUR/JPY recently broke the 30-minute key support level 131.38 which was previously identified by Autochartist. Autochartist rates the Significance of this support level at the 5-bar level – which is the result of the five previous price reversals from this price level. EUR/JPY is expected to fall further toward the forecast price 130.93.
As can be seen from the daily EUR/JPY chart below – the price earlier reversed down from the powerful resistance area lying between the long-term resistance level 132.00 (which also reversed the price in 2018) and the upper weekly Bollinger Band. The proximity of this resistance area, overbought weekly Stochastic add to the probability EUR/JPY will continue to fall toward the forecast price 130.93.