By: Dima Chernovolov
NZD/JPY recently broke the Key Support level 80.3290, which was previously identified by Autochartist on the daily charts. Autochartist measures the Significance of this support level at the below-average 4 bar level – which corresponds to the four previous price reversals from this price level. NZD/JPY is expected to fall to the forecast price 78.8672 in the nearest time, which is also indicated by the following PowerStats analysis.
As can be seen from the PowerStats chart below, the lower boundary of the daily Expected Price Range calculated by Autochartist for this currency pair (78.4037) stands well below the forecast price calculated for the breakout of the aforementioned Key Support level (78.8672)– which adds to the likelihood the pair will continue to move toward the forecast price 78.8672 tomorrow.
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