Daily Forex Update: NZD/JPY
By: Dima Chernovolov
NZD/JPY continues to rise inside the clear Up Channel chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (3 bars), strong Uniformity (7 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 support zone shown below.
As can be seen from the daily NZD/JPY chart below, the price earlier reversed up from the combined support area lying between the major support level 76.00 (which also reversed the price in March and in the middle of November of 2017) and the lower daily Bollinger Band. The proximity of this support area increases the probability NZD/JPY will continue to rise inside this Up Channel.
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