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.
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.