EUR/JPY today broke the support trendline of Triangle chart pattern identified by Autochartist on the 4-hour charts.
Autochartist rates the overall Quality of this Triangle at the 6 bar level which reflects the slow Initial Trend (4 bars), low Uniformity (3 bars) and average Clarity (5 bars). This Triangle Breakout is aligned with the predominant downtrend visible on the daily and the weekly EUR/JPY charts.
The strength of this Breakout is measured at the maximum level which adds to the probability that EUR/JPY will decline further in the direction of the Forecast Price 101.23, as can also be seen from the PowerStats analysis below.
As can be seen from the PowerStats chart below, the lower border of the daily Expected Price Range calculated by Autochartist for EUR/JPY (101.5975) stands near the Forecast Price calculated for the above Triangle Breakout (101.23) – which increases the probability that EUR/JPY will decline further tomorrow.