EUR/JPY has completed the high Quality Down Channel chart pattern on the daily chart. Autochartist rates the Quality of this chart pattern at the high 8 bar level that comes as a result of the strong values of all the contributing indicators: Initial Trend (7 bars), Uniformity (7 bars) and Clarity (9 bars). High Initial Trend value describes the previous strong upward impulse that followed the reversal of the preceding downtrend form the major support level at 150.50. The price has broken through the upper Resistance line of this chart pattern with the Breakout whose strength is measured at the maximum 10 bar level. The pair is expected to rise toward the Forecast area set between the price levels 111.96 and 114.45. This forecast is also supported by the next chart pattern indemnified by Autochartist (shown below).
Autochartist has also identified the Up Channel chart pattern on the daily chart. The Clarity of this pattern is rated at the 7 bar level. The breakout of the Down Channel chart pattern shown above signaled the continuation of the current intermediate-term uptrend.
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