Daily Forex Update: NZD/JPY
By: Dima Chernovolov
NZD/JPY continues to rise after the earlier breakout of the 4-hour Ascending Triangle chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 6-bar level – which reflects the slow Initial Trend (2 bars), average Uniformity (5 bars) and strong Clarity (9 bars). Autochartist rates the strength of this breakout at the maximum – 10 bar level – which increases the probability the price will continue to move toward the forecast price 75.20.
As can be seen from the daily NZD/JPY chart below, the breakout of this Ascending Triangle coincided with the breakout of the resistance area lying between the key resistance level 74.30 and the 61.8% Fibonacci correction of the previous downward impulse from the start of October. This price zone is acting as a support area after it was broken. The proximity of this support area increases the probability NZD/JPY will continue to rise toward the forecast price 75.20.
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