Daily Forex Update: NZD/JPY

By: Dima Chernovolov

NZD/JPY continues to rise inside the 4-hour Triangle chart pattern which was previously identified by Autochartist. Autochartist measures the Quality of this chart pattern at the 6 bar level – which is the result of the medium Initial Trend (10 bars) and above-average Uniformity and Clarity (both rated at the 6-bar level). NZD/JPY is expected to rise toward the upper resistance trendline of this Triangle – in line with the strong uptrend visible on the daily NZD/JPY charts.

As can be seen from the daily NZD/JPY chart below, both of the connecting points of the support trendline of this Triangle formed when the price reversed up from the strong support area lying between between the pivotal support level 80.80 (which has been reversing the price from December), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse from November. The close location of this support area should add to the probability NZD/JPY will continue to rise inside this Triangle.

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