Daily Forex Update: NZD/JPY

By: Dima Chernovolov

NZD/JPY continues to rise inside the high-quality daily Flag chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Flag at the 9-bar level – which is the result of the sharp Initial Trend (10 bars – reflecting the strength of the previous upward impulse), strong Uniformity (7 bars) and near-maximum Clarity (9 bars). NZD/JPY is expected to rise further inside this Flag – in line with the earlier upward reversal from the support area shown below.

As can be seen from the daily NZD/JPY chart below, the price earlier reversed up with the daily Hammer from the support area lying between the support level 77.60, lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous upward impulse from November. The proximity of this support area increases the probability NZD/JPY will continue to rise inside this Flag.

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