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 that I received recently for EUR/JPY, this pair is expected to rise toward the Key Resistance Level 131.41 (of the type Approach) in the next 8 trading days. Autochartist sets the stop-level for this bullish forecast at 123.0638. The pair recently reversed strongly up (at point A) from the combined support area lying at the intersection of the support level 125.00 and the 61.8% Fibonacci Retracement of the preceding daily upward price impulse from April (which earlier broke the resistance trendline of the previous daily Pennant chart pattern, as you can see on the second chart below). The aforementioned resistance level 125.00 coincides with the level of the breakout of the preceding Pennant. The proximity of the strong support area around 125.00 heightens the chances the pair will continue to rise toward the target level 131.41 in the coming sessions.
The following daily EUR/JPY chart shows the aforementioned support levels:
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