Daily Forex Update: EUR/JPY

The 240-minute EUR/JPY has trended higher, and directly into a resistance area (and potential exhaustion area) as the Euro gained on the Yen. This rally in the EUR/JPY comes despite the fact that the Yen gained steadily against other currencies, especially against the U.S. Dollar, throughout Thursday's trading session. The recent breakout through the resistance of the Triangle pattern, at 112.40, triggered an Autochartist Initial Movement/Momentum (AIM) entry long. In a non-trending market, the AIM entry is the ideal strategy for congestion or consolidation patterns such Triangles. The current market is moving sideways with low volatility, confirmed by Autochartist's two-bar Initial Trend reading.