By: Dima Chernovolov
EUR/JPY continues to rise inside the daily Rising Wedge chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (1 bar), significant Uniformity (7 bars) and strong Clarity (8 bars). EUR/JPY is expected to rise further inside this Rising Wedge .
As can be seen from the daily EUR/JPY chart below – the price earlier reversed up from the key support level 134.50 (which has been repeatedly reversing the price from the end of March). The proximity of this support level and the clear daily uptrend increase the probability EUR/JPY will continue to rise inside this Rising Wedge .