Trade of the Day: EUR/JPY

EUR/JPY continues to fall inside the 30-minute Down Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 5-bar level – which is the result of the slow Initial Trend (1 bars), higher Uniformity (6 bars) and strong Clarity (9 bars). EUR/JPY is expected to fall further inside this Down Channel.

As can be seen from the daily EUR/JPY chart below – the pair earlier reversed down from the resistance zone located between the key resistance level 158.35 (which has reversed multiple upward impulse from the start of last month) standing near with the upper daily Bollinger. The proximity of this resistance zone increases the probability EUR/JPY will continue fall inside this Down Channel.