Forex trading for beginners EUR/JPY today completed the 4-hour Triangle chart pattern identified by Autochartist. The overall Quality of this chart pattern is rated at the 6 bar level as a result of the below-average Initial Trend (4 bars), lower Uniformity (3 bars) and medium Clarity (5 bars). The completion of this chart paten continues the prevailing downtrend that can be seen on the daily and the weekly EUR/JPY charts. Autochartist rates the strength of this Breakout at the maximum level which heightens the chances that the pair will fall further toward the Forecast Price 101.23, which is also indicated by the PowerStats analysis shown below.
As you can see from the following PowerStats chart for EUR/JPY, the lower boundary of the daily Expected Price Range calculated by Autochartist for tomorrow (101.5975) stands close to the Forecast price calculated for the completion of the above Triangle (101.23) - which heightens the probability that this currency pair will fall further tomorrow.
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