Trade of the Day: EUR/JPY

EUR/JPY continues to rise inside the 30-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 8-bar level – which is the result of the below-average Initial Trend (4 bars), and strong Uniformity and 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 pair earlier reversed up with the weekly Hammer Bullish from the support area located between the support level 138.00 (which also reversed the price in the middle of last year), lower weekly Bollinger Band and the 61.8% Fibonacci correction of the previous sharp upward impulse from the last August. The proximity of this support area adds to the probability EUR/JPY will continue to rise inside this Rising Wedge.