Trade of the Day: NZD/JPY

NZD/JPY continues to rise inside the 30-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge 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 Rising Wedge

As can be seen from the daily NZD/JPY chart below – the pair earlier reversed up from the major support level 81.20 (which has been reversing the pair from the end of September), coining with the lower daily Bollinger Band. The proximity of this support level and the clear bullish divergence on the daily Stochastic increase the probability NZD/JPY will continue to rise inside this Rising Wedge.