Daily Forex Update: NZD/JPY

By: Dima Chernovolov

NZD/JPY continues to rise inside the clear Rising Wedge chart pattern which was recently identified by Autochartist on the 30-minute charts. Autochartist measures the quality of this Rising Wedge at the 5-bar level – which reflects the slow Initial Trend (4 bars), low Uniformity (one bar) and near-maximum Clarity (9 bars). NZD/JPY is expected to rise further inside this chart pattern – in line with the earlier upward reversal from the strong support area shown below.

04122017dailyfximage1

As can be seen from the daily NZD/JPY chart below, the price earlier reversed up from the major support area lying between the long-term support level 76.20 (which has been steadily reversing the pair from April) and the lower daily Bollinger Band. The proximity of this support area increases the probability NZD/JPY will continue to rise inside this Rising Wedge.

04122017dailyfximage2

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