Trade of the Day: NZD/JPY
By: Dima Chernovolov
NZD/JPY continues to rise inside the 30-minur Rising Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of daily this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (1 bar) and significant Uniformity and Clarity (7 bars). NZD/JPY is expected to rise further inside this Rising Wedge 20 – in line with the earlier upward reversal from the key support area shown below.
As can be seen from the daily NZD/JPY below, the price earlier reversed up from the key support area lying between the pivotal support level 73.90 (monthly low from February), lower daily Bollinger Band and the 38.2% Fibonacci correction of the earlier upward price move from January. The proximity of this support area adds to the probability NZD/JPY will continue to inside this Rising Wedge.