Trade of the Day: EUR/JPY

EUR/JPY continues to rise toward the hourly key resistance level 157.96, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 5-bar level – which is the result of the 5 previous reversals from this price level. EUR/JPY is expected to rise further toward the resistance level 157.96.

As can be seen from the daily EUR/JPY chart below – the pair earlier reversed up from the support zone lying between the key support level 156.70 (which has been reversing the price from August), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from July.  The proximity of this support zone adds to the probability EUR/JPY will continue to rise toward the resistance level 157.96.