Trade of the Day: EUR/JPY

EUR/JPY recently broke the 30-minute Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 5-bar level – which is the result of the slow Initial Trend (1 bar),  average Uniformity (5 bars) and lower Clarity (4 bars). EUR/JPY is expected to rise toward the forecast price 158.22.

As can be seen from the daily EUR/JPY chart below – the pair earlier reversed up with the daily Hammer from the support area located between the key support level 157.00 (which has been reversing the price from August), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from the start of August. The proximity of this support area and the clear daily uptrend increase the probability EUR/JPY will continue to rise toward the forecast price 158.22.