Daily Forex Update: EUR/JPY
By: Dima Chernovolov
EUR/JPY continues to rise inside the clear 15-minute Up Channel chart pattern which previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend and Uniformity (both rated at the 3 bar level) and substantial Clarity (8 bars). EUR/JPY is expected to continue to rise inside this Up Channel – in line with the earlier breakout of the powerful resistance level shown below.
As can be seen from the daily EUR/JPY chart below, the price earlier broke the strong resistance level 134.40 (which is the upper boundary of the narrow sideways price channel inside which the pair has been trading from the start of September). This level is acting as support after it was broken. The proximity of this support level increases the probability EUR/JPY will continue to rise inside this Up Channel.
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