Trade of the Day: EUR/JPY

EUR/JPY recently broke the 15-minute support level 158.30, which was recently identified by Autochartist. Autochartist rates the significance of this support level at the 4-bar level – which is the result of the 4 previous reversals from this price level. EUR/JPY is expected to fall toward the forecast price 157.80.

As can be seen from the daily EUR/JPY chart below – the pair earlier reversed down from the resistance area located between the strong resistance level 159.30 (which has been reversing the price from the start of August) and the upper daily Bollinger Band. The proximity of this resistance area increases the probability EUR/JPY will continue to toward the forecast price 157.80.