Daily Forex Update: NZD/JPY

By: Dima Chernovolov

NZD/JPY continues to rise inside the 4-hour Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend (one bar), below-average Uniformity (4 bars) and higher Clarity (7 bars). NZD/JPY is expected to rise further inside this Up Channel – in line with the earlier uwpard reversal from the strong support zone shown below.

As can be seen from the weekly NZD/JPY chart below, the pair earlier reversed up from the strong support area lying between the long-term support level 75.80 (which has been reversing the price from the start of 2017) and the lower weekly 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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