EUR/JPY is continuing the medium-term uptrend within the daily Rising Wedge chart pattern identified by Autochartist. The Quality of this chart pattern is measured at the strong 7 bar level which is the result of the following Quality indicators that affects its value: above-average Initial Trend and Uniformity (both rated at the 6 bar level) and the significant Clarity (8 bars). This Rising Wedge continues the medium-term uptrend which follows the third unsuccessful attempt by the pair to fall through the strong support level at 107.00. The upper resistance line of this chart pattern stands very close to the previous high at the round price level 115.00 that should be broken for the uptrend to continue.
As can be seen form the following PowerStats chart, most of the daily Expected Price Range for tomorrow for EUR/JPY (from 114.06 to 115.84) stands above the upper resistance line of this Rising Wedge. This adds to the possibility that the uptrend will continue tomorrow.
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