Daily Forex Update: EUR/JPY
AutoChartist | Jul 16, 2013 05:30AM ET
As you can see from the following trade opportunity alert for EUR/JPY, this pair continues to rise in the direction of the key resistance level 131.412 (of the type Approach) identified by Autochartist on the 4-hour charts. Autochartist sets the stop-level for this forecast at 127.36. This forecast is aligned with the predominant uptrend that can be seen on the daily EUR/JPY charts. The pair recently reversed sharply up (at point A) from the level of the 61,8% Fibonacci Retracement of the preceding sharp upward impulse – coinciding with the support at 125.00 (which is the breakout level of the previous Triangle which was broken by the aforementioned upward impulse, as can be seen on the second chart below). The pair recently created two rising lows along the steep daily support trendline from November of 2012 – which indicates accelerating uptrend and heightens the probability the target level 131.412 will be reached in the next 6 trading days.
The following daily EUR/JPY chart shows the support levels mentioned above:
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