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After holding inside of a 240-minute Channel Up chart pattern for 39 candlesticks, the EUR/JPY broke through the lower support line, triggering a breakout move that could eventually reach a forecast zone at 112.31 to 110.82.
Traders are likely to have confidence in exploring the short-side of this Forex pair due to the high 10-bar Initial Trend reading. Supporting the 8-bar Quality rating is a 9-bar Clarity reading and an 8-bar Breakout reading. There has not been a lot of "noise" during the development of this chart pattern therefore the breakout move is likely to remain true. The Uniformity rating is only slightly above average due to the unevenness of the chart pattern inside the support and resistance lines, but this should not dilute the value of this completed chart pattern.
The combination of the Forecast range and the Autochartist PowerStats Daily Expected Price Range has revealed an interesting set-up. The top of the Forecast range is 112.31, the same price as the projected low of the Expected Price Range. Short-traders should watch the market carefully if this price level is reached during Tuesday's trading session.
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