We have recently identified the clearly-formed Triangle chart pattern on the daily NZD/JPY charts. The overall Quality of this chart pattern is measured at the 7 bar level as a result of the below-average Initial Trend (rated at the 4 bar level) and the near maximum Uniformity and Clarity (both rated at the 9 bar level). Higher Uniformity and Clarity of this Triangle reflect the well-formed chart pattern with high visibility to the market participants.
The top of this chart pattern (point A on the chart below) formed when the pair reversed down from the major long-term level of resistance 69.00 (former strong support which had stopped and reversed the weekly downward price impulse in the middle of 2006) which had been reversing the pair down sharply multiple times over the last few years (as is shown on the second weekly NZD/JPY chart below). The pair is expected to fall further in the nearest time.
The following weekly NZD/JPY chart shows the previous price action close to the major price level 69.00.
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NZD/JPY Daily Update: April 2, 2012
Published 04/02/2012, 04:56 AM
Updated 03/09/2019, 08:30 AM
NZD/JPY Daily Update: April 2, 2012
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