Trade of the Day: EUR/JPY

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ChartViper Trade of the Day

EUR/JPY continues to rise inside the 15-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (1 bar), above-average Uniformity (6 bars) and strong Clarity (8 bars). EUR/JPY is expected to rise further inside this Rising Wedge.

As can be seen from the daily EUR/JPY chart below – the pair earlier broke the resistance level 150,00 standing close to the 61,8% Fibonacci correction of the previous sharp downward correction from the start of May. Both of these price levels are acting as the support levels after they were broken. The proximity of these support levels and the strong daily uptrend increase the probability EUR/JPY will continue to rise inside this Rising Wedge.

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