NZD/JPY continues to rise inside the 4-hour Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend (one bar), below-average Uniformity (4 bars) and higher Clarity (7 bars). NZD/JPY is expected to rise further inside this Up Channel – in line with the earlier uwpard reversal from the strong support zone shown below.
As can be seen from the weekly NZD/JPY chart below, the pair earlier reversed up from the strong support area lying between the long-term support level 75.80 (which has been reversing the price from the start of 2017) and the lower weekly Bollinger Band®. The proximity of this support area increases the probability NZD/JPY will continue to rise inside this Up Channel.
