Daily Forex Update: NZD/JPY
By: Dima Chernovolov
NZD/JPY continues to rise inside the Clear Up Channel chart pattern was recently identified by Autochartist on the hourly charts. Autochartist measures the Quality of this Up Channel at the 5 bar level – which reflects the slow Initial Trend and Uniformity (both rated at the 3 bar level) and near-maximum Clarity (9 bars). NZD/JPY is expected to rise inside this Up Channel – in line with the active price impulse from the support area described below.
As can be seen from the daily NZD/JPY chart below, the bottom of this Up Channel formed when the price reversed up from the strong support zone lying between the key support level 76.00 (which has been reversing the price from November), lower daily Bollinger Band and 61.8% Fibonacci correction of the upward impulse from September. The proximity of this support area heightens the probability NZD/JPY will continue to rise inside this Up Channel.
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