Daily Forex Update: EUR/JPY
AutoChartist | Apr 14, 2014 03:16AM ET
Autochartist recently identified the clear Triangle chart pattern on the 4-hour EUR/JPY charts – as you can see below. EUR/JPY is expected to rise toward the upper resistance trendline of this Triangle (141.50). The stop-level for this forecast can be set below the last connecting point of the lower support trendline – at 140.50. The bottom of this Triangle formed recently when the pair reversed up from the support zone lying between the daily support trendline from last November, 50% Fibonacci Correction of the preceding upward impulse from February and the lower daily Bollinger Band (as you can see on the next chart below).
The following daily EUR/JPY chart shows the aforementioned support levels:
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