By: Dima Chernovolov
I recently subscribed to Autochartist’s latest e-mail feature and received this trade opportunity alert this morning. Autochartist’s latest feature provides traders with a quick morning technical outlook of the markets.
As you can see from the following trade opportunity alert for EUR/JPY, this currency pair recently broke the 4-hour Triangle chart pattern identified by Autochartist. The pair is expected to reach the target level 132.1508 in the next two trading days. Autochartist sets the stop-level for this forecast at 126.4395 (point A on the chart below, which is the last connecting point of the lower support trendline of this chart pattern). This Triangle breakout continues the sharp uptrend visible on the daily EUR/JPY charts. The upward-sloping moving average confirms this forecast – as is the PowerStats analysis displayed on the second chart below.
As you can see from the following PowerStats chart for EUR/JPY, most of the daily Expected Price Range calculated by Autochartist for this currency pair (from 128.2627 to 131.5313) stands above the broken resistance trendline of the aforementioned Triangle – which adds to the likelihood this pair will reach the target level 132.1508 in the 2 trading days.
To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.
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