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.
To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.
For further information on this and other Autochartist products visit www.autochartist.com