Trade of the Day: EUR/JPY

EUR/JPY continues to fall toward the 30-minute key support level 147.15, which was recently identified by Autochartist. Autochartist rates the significance of this support level at the 3-bar level – which is the result of the three earlier reversals from this price level. EUR/JPY is expected to fall further toward the support level 147.15.

As can be seen from the daily EUR/JPY chart below – the pair earlier reversed down from the resistance zone located between the long-term resistance level 148.40 (which stopped the sharp upend in October) and the upper daily Bollinger Band. The proximity of this resistance zone and the overbought daily Stochastic increase the probability EUR/JPY will continue to fall toward the support level 147.15.