Trade of the Day: EUR/JPY

EUR/JPY recently broke the hourly key resistance level 157.03, which was identified by Autochartist. This chart pattern indicates possible bullish price movement toward the target level 157.93. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry 157.22 with the protective stop-loss at 156.87.

As can be seen from the weekly EUR/JPY chart below – the pair earlier reversed up from the key support level 154.00 (which has been reversing the pair from summer), lower weekly Bollinger Band and the 38.2% Fibonacci correction of the weekly uptrend from March. Given the proximity of these support levels and the clear weekly uptrend, EUR/JPY can be expected to rise to the target level 157.93.