EUR/JPY has recently completed the high Quality Up Channel chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at 8 bar level as a result of the strong values of all the contributing Quality indicators: maximum Initial Trend (rated at the 10 bar level), significant Uniformity (7 bars) and higher Clarity (8 bars). This chart pattern continues the prevailing downtrend that can be seen on the daily and the weekly EUR/JPY charts. The high Initial Trend reflects the sharpness of the preceding daily downward price impulse. The pair has recently broken down through the lower support trendline of this Up Channel with the Breakout, whose strength is measured at the highest 10 bar level. EUR/JPY is expected to decline further in the nearest time – in the direction of the Forecast Area set between price levels 99.19 and 102.71.
As can be seen from the following Key Levels 30-minute EUR/JPY chart, the pair is currently trading close to the horizontal Support level 105.2450, identified by Autochartist. This level should be broken for the pair to fall further.
