Daily Forex Update: EUR/JPY

The downtrend on the 30-minute EUR/JPY has reached support between 109.21 and 109.07. This could create a short-term bounce to the downtrend line resistance of the Falling Wedge currently at 109.70 (X). If prices are able to trade higher to this level, look for an opportunity to short into the correction higher which would confirm an Autochartist Correction/Retracement (ARC) entry.