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 is currently moving inside the Down Channel chart pattern identified by Autochartist on the 4-hour charts. Autochartist expects the pair to rise further toward the target level 129.8845 (point B, the last downward pivot of the upper resistance trendline of this chart pattern) in the next 2 trading days. Autochartist sets the stop-level for this bullish forecast at 127.114 (point A) – which presents attractive reward-to-risk ratio for the long entry. Point A formed earlier when the pair failed to break down below the strong combined support zone lying between the previous resistance level 127.00 (which reversed the pair down multiple times in February of this year, acting as support now after it was broken) and the 38,2% Fibonacci Retracement of the preceding upward price impulse from the 4th of April (as you can see on the second chart below).
The following 4-hour EUR/JPY chart displays the aforementioned support levels:
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