EUR/JPY is moving inside the high Quality Triangle chart pattern identified by Autochartist on the daily charts. The Quality of this chart pattern is rated at the high 9 bar level, as a consequence of the maximum values of the Initial Trend and the Uniformity indicators (both rated at the 10 bar level) as well as the significant Clarity of this Triangle (measured at the 8 bar level). This chart pattern continues the prevailing down trend visible on the weekly charts. The first connecting point for the lower support line of this chart pattern formed close to the round price level 107.00 which is also very close to the very strong support at 106.00, which reversed the preceding down impulse. The price has recently reversed down from the resistance level at 113.50 forming the second connecting point for the upper resistance line of this chart pattern. The pair is expected to continue falling in the coming sessions.
As you can see form the PowerStats chart below, the lower border of the daily Expected Price Range for tomorrow (111.28) stand well below the projected value of the lower support line of this Triangle. This increases the chances that the down movement will continue tomorrow.
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