Daily Forex Update: EUR/JPY
AutoChartist | Apr 18, 2014 02:57AM ET
Autochartist recently identified the Pennant chart pattern on the daily EUR/JPY charts – as you can see from the following trade opportunity alert for this currency pair. EUR/JPY is expected to rise to the target level 143.85 (point B) in the next 4 trading days. Autochartist set the stop-level for this forecast at 140.07 (point A). This forecast is aligned with the predominant uptrend visible on the daily EUR/JPY charts. Volatility Analysis shown on the second chart below confirms this forecast.
As you can see from the following Volatility Analysis chart below, the entire daily Expected Price Range calculated by Autochartist for this currency pair (from 140.44 to 142.88) stands above the lower support trendline of this Flag – which adds to the likelihood EUR/JPY will continue to rise inside this chart pattern in the nearest time.
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