Trade of the Day: EUR/JPY

EUR/JPY continues to rise toward the 30-minute key resistance level 158.37, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 3 bar level – which is the result of the three earlier reversals from this price level. EUR/JPY is expected to rise toward the key resistance level 158.37

As can be seen from the daily EUR/JPY chart below – the pair earlier reversed up from the support area located between the key support level 157.30 (which also reversed the price form last month), lower daily Bollinger Band and 61.8% Fibonacci correction of the upward impulse from last month. The proximity of this support area and the strong daily uptrend increase the probability EUR/JPY will continue to rise toward the resistance level 158.37.