Trade of the Day: EUR/JPY
By: Dima Chernovolov
EUR/JPY rising inside the hourly Up Channel chart pattern, which was earlier identified by Autochartist. Autochartist rates the quality of this Up Channel at the 9-bar level – which is the result of the maximum Initial Trend (10 bars), strong Uniformity (9 bars) and substantial Clarity (8 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 resistance area located between the key resistance level 140.00 and the resistance trendline of the weekly up-channel from the middle of 2020. The strength of the active weekly uptrend increases the probability EUR/JPY will continue to rise inside this Up Channel.