By: Dima Chernovolov
NZD/JPY continues to rise inside the clear Up Channel chart pattern which was recently identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Up Channel at the 7-bar level – which is the result of the slow Initial Trend (4 bar), significant Uniformity (7 bars) and high Clarity (9 bars). NZD/JPY is expected to rise further inside this Up Channel – which is also confirmed by the PowerStats analysis shown below.
As can be seen from the PowerStats chart below, all of the daily Expected Price Range calculated for this currency pair (from 82.65 to 83.53) stands above the lower support trendline of this Up Channel. The upper boundary of the daily Expected Price Range (83.53) nearly coincides with the upper resistance trendline of this chart pattern – which also adds to the probability the pair will continue to rise inside this Up Channel.
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