Daily Forex Update: EUR/JPY
AutoChartist | Aug 20, 2014 02:32AM ET
Autochartist recently identified the Down Channel chart pattern on the daily EUR/JPY charts – as you can see from the following trade alert for this currency pair. EUR/JPY is expected to break this Down Channel and then to rise to the target level 138.04 in the next 3 trading days. Autochartist set the stop-level for this forecast at 135.72 (point A). This point formed recently, when the pair reversed up from the support zone located between the support level 136.00, lower weekly Bollinger Band and the 38.2% Fibonacci Correction of the previous weekly upward impulse from the start of 2013.
The weekly EUR/JPY chart below shows the aforementioned support zone:
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