EUR/JPY breaks 4-hour Triangle; to rise to 132.1508 in 2 days

As can be seen from the following trade opportunity alert, EUR/JPY recently broke the Triangle chart pattern identified by Autochartist on the 4-hour charts. The price is expected to rise to the target level 132.1508 in 2 trading days. The stop-level for this forecast is set at 126.4395 (point A, which is the last upward reversal pivot of the lower support trendline of this Triangle). This breakout is aligned with the strong uptrend that can be seen on the daily EUR/JPY charts. The presence of the upward-sloping moving average confirms this forecast – as is the PowerStats analysis shown on the second chart below.


As is visible from the following PowerStats chart, most of the daily Expected Price Range calculated by Autochartist for EUR/JPY (128.2627 to 131.5313) is located above the broken resistance trendline of the Triangle shown above – which increases the probability that EUR/JPY will reach the target level 132.1508 in two days.


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