Trade of the Day: EUR/JPY

By: Dima Chernovolov

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 5-bar level – which is the result of the slow Initial Trend (3 bars), medium Uniformity (5 bars) and higher Clarity (6 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 from the strong support area located between the pivotal support level 139.50 (previous monthly low from February) – standing well below the lower Bollinger Band. The proximity of this support area increases the probability EUR/JPY will continue to rise further inside this Rising Wedge.