EUR/JPY continues to fall toward the key support level 131.55, which was previously identified by Autochartist. Autochartist rates the Significance of this support level at the 8-bar level – which is the result of the eight previous price reversals from this price level. EUR/JPY is expected to continue to fall toward the support level 131.55.
As can be seen from the daily EUR/JPY chart below – the price earlier reversed down from the multi-month resistance level 133.45 (previous monthly high from October) and the upper daily Bollinger Band. proximity of this resistance level 133.45 and the overboijht daily Stochastic increase the probability EUR/JPY will continue to fall toward the support level 131.55.
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