Trade of the Day: EUR/JPY
EUR/JPY rising inside the 30-minute Rising Wedge chart pattern, which was previously identified by Autochartist. Autochartist measures the quality of this Rising Wedge at the 7-bar level – which is the result of the average Initial Trend (5 bars), near-maximum Uniformity (9 bars) and medium Clarity (5 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 sharply from the support area located between the key support level 146.70 (which has been reversing the price from April) and the 38.2% Fibonacci correction of the upward impulse from March. The proximity of this support area and the sharp daily uptrend add to the probability EUR/JPY will continue to rise inside this Rising Wedge.