Autochartist recently identified the Down Channel chart pattern on the daily EUR/JPY charts – as can be seen from the following trade alert for this pair. EUR/JPY is expected to break this chart pattern and then to reach the target level 138.04 in the following 3 days. The stop-level for this forecast is set by Autochartist at 135.72 (A). This point was formed earlier, when EUR/JPY corrected up from the support area set between the support level 136.00, weekly lower Bollinger Band and the 38.2% Fibonacci Retracement of the earlier weekly upward price thrust from 2013.

Forex Update

The following weekly EUR/JPY chart highlights the support zone mentioned above:

Forex Update