By: Dima Chernovolov
NZD/JPY continues to rise inside the daily Ascending Triangle chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 6-bar level – which is the result of the medium-strength Initial Trend (6 bars), below-average Uniformity (4 bars) and higher Clarity (6 bars). NZD/JPY expected to rise further inside this Ascending Triangle – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily NZD/JPY chart below – the price earlier reversed up from the support area set between the key support level 68.6 (former support from June), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from May. The proximity of this support zone increase the probability NZD/JPY will continue to rise inside this Ascending Triangle.