Trade of the Day: EUR/JPY
By: Dima Chernovolov
EUR/JPY continues to rise inside the 15-minute Up Channel chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (2 bars), strong Uniformity (7 bars) and above-average Clarity (6 bars). EUR/JPY is expected to rise further inside this Up Channel.
As can be seen from the daily EUR/JPY chart below – the price earlier broke through the pivotal resistance level 129.50 (which has been repeatedly reversing the price from the end of November). This price level is acting as the strong support fatter it was broken. The proximity of this support level increases the probability EUR/JPY will continue to rise inside this Up Channel