Trade of the Day: EUR/JPY

EUR/JPY recently broke the key support level 156.28, which was recently identified by Autochartist. This chart pattern indicates possible bearish price movement toward the target level 155.08. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry 155.78 with the protective stop-loss at 156.64.

As can be seen from the weekly EUR/JPY chart below – the pair earlier reversed down from the resistance level 158.00, standing near the upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from November. Given the proximity of the resistance level 158.00, EUR/JPY can be expected to fall to the target level 155.08.