By: Dima Chernovolov
EUR/JPY today broke the key support level 141.85, 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 continue to fall toward the forecast price 140.91.
As can be seen from the daily EUR/JPY chart below – the price earlier reversed down from key resistance level 144.15 (which stopped the previous uptrend at the start of June), standing near the upper daily Bollinger Band. The proximity of this resistance level increases the probability EUR/JPY will continue to fall toward the forecast price 140.91