Daily Forex Update: NZD/JPY

By: Dima Chernovolov

NZD/JPY continues to rise inside the clear 4-hour Falling Wedge chart pattern which was recently identified by Autochartist. Autochartist measures the quality of this Falling Wedge at the 6-bar level – which reflects the medium Initial Trend (5 bars), lower Uniformity (3 bars) and maximum Clarity (10 bars). NZD/JPY is expected to rise further inside this Falling Wedge – in line with the earlier upward reversal from the key support area shown below.

As can be seen from the daily NZD/JPY chart below, the price earlier reversed up from the support area lying between the major support level 72.20 (which has been reversing the price from the middle of August) and the lower daily Bollinger Band. The proximity of this support zone and the oversold daily Stochastic increase the probability NZD/JPY will continue to rise inside this Falling Wedge.

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