Daily Forex Update: NZD/JPY

By: Dima Chernovolov

NZD/JPY continues to rise inside the hourly Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (4 bars), below-average Uniformity (4 bars) and near-maximum Clarity (9 bars). NZD/JPY is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the key support area shown below.

As can be seen from the weekly NZD/JPY below, the pair earlier reversed up with the weekly Hammer from the support zone lying between the long-term support level 69.30 (which also reversed the price sharply in the middle of 2016) and the lower weekly Bollinger Band. The proximity of this resistance support increases the probability NZD/JPY will continue to rise inside this Up Channel.

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