Trade of the Day: EUR/JPY

EUR/JPY continues to rise to the key resistance level 158.47, 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 4 previous reversals from this price level. EUR/JPY is expected to rise toward the key resistance level 158.47.

As can be seen from the daily EUR/JPY chart below – the pair earlier reversed up with the daily Hammer from the support zone located between the support level 155.00, lower daily Bollinger Band, 61.8% Fibonacci correction of the upward impulse from July and the support trendline of the daily down channel from August. The proximity of this support zone adds to the probability CAD/CHF will continue to rise toward the key resistance level 158.47.