Trade of the Day: EUR/JPY

By: Dima Chernovolov
EUR/JPY continues to rise inside the 4-hour Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triagle at the 6-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (6 bars), and strong Clarity (8 bars). EUR/JPY is expected to rise further inside this Triangle.

As can be seen from the daily EUR/JPY chart below – the pair earlier reversed up from the support area lying between the powerful support level 128.00 (which has been reversing the pair from last August) and the lower daily Bollinger Band . The proximity of this support area adds to the probability EUR/JPY will continue to rise inside this Triangle.