By: Dima Chernovolov

EUR/JPY recently broke the 4-hour Triangle chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 6-bar level – which is the result of the slow Initial Trend (2 bars), above average Uniformity (6 bars) and higher average Clarity (8 bars). EUR/JPY is expected to rise toward the forecast price 132.16 – in line with the earlier upward reversal from the powerful support level shown below.

18052018dailyfximage1

As can be seen from the daily EUR/JPY chart below, the price earlier reversed up with the daily Japanese candlesticks reversal pattern Hammer from the strong support level 129.60 (which has been reversing the price from March). The proximity of this support level increases the probability EUR/JPY will continue rise toward the forecast price 132.16.

18052018dailyfximage2

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.

 

For further information on this and other Autochartist products visit www.autochartist.com

0 Likes
588 Views

You may also like

Leave A Comment

Please enter your name. Please enter an valid email address. Please enter message.

Sign-up






* = Required Field