Autochartist - Daily Forex Update: EUR/JPY

As can be seen from the following opportunity alert that was generated by Autochartist for EUR/JPY, the pair is expected to fall toward the target level 105.975 in 13 days. The pair recently reversed down from the upper resistance trendline of the daily Up Channel identified by Autochartist. Autochartist sets the stop-level for this bearish forecast at 126.975 (point B on the chart below) which corresponds to the last downward reversal point of the upper resistance trendline of the aforementioned daily Up Channel. The target level for this decline, 105.975 (point A), corresponds to the previous upward reversal point of the lower support trendline of this Up Channel.

As can be seen from the following PowerStats chart for EUR/JPY, all of the daily Expected Price Range calculated for this currency pair by Autochartist (from 124.7651 to 123.0729) stands below the stop-level set for the above bearish forecast (126.975) which heightens the chances that EUR/JPY ­­will continue to decline tomorrow.

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