Trade of the Day: NZD/JPY

By: Dima Chernovolov

NZD/JPY continues to rise inside the 15-minute Up Channel chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel Up Channel at the 7-bar level – which is the result of the below-average Initial Trend (4 bars) and strong Uniformity and Clarity (8 bars). NZD/JPY is expected to rise further inside this Up Channel.

As can be seen from the daily NZD/JPY chart below – the pair earlier reversed up from the support area located between the key support level 76,50 (which has been reversing the price from April), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from December. The proximity of this resistance zone and the clear uptrend increase the probability NZD/JPY will continue to rise inside this Up Channel.