NZD/JPY: Continues To Fall Toward The Key Support Level 80.69

Published 02/02/2017, 02:05 AM
Updated 03/09/2019, 08:30 AM
NZD/JPY
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NZD/JPY continues to fall toward the Key Support level 80.69 (of the type Approach), which was recently identified by Autochartist on the 4-hour charts. Autochartist rates the Significance of this Support level at the 4-bar level – which is the result of the four previous price reversals from this price level. NZD/JPY is expected to fall toward this key support level in the coming trading sessions – continuing the recent downward price impulse from the nearby strong resistance zone, described below.

NZD/JPY 140 Candles

As you can see from the daily NZD/JPY chart below – the price earlier reversed down from the strong resistance zone lying between the long-term resistance level 83.400 (which has been steadily reversing the pair from 2015) and the upper weekly Bollinger Band®. The proximity of this resistance zone should strengthen bearish pressure on this currency pair – increasing the probability the price will soon reach the key support level 80.69.

NZD/JPY Weekly Chart

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