NZD/JPY has recently reversed up from the lower support trendline of the Down Channel chart pattern identified by Autochartist on the 4-hour charts – as can be seen from the following trade opportunity alert for this currency pair. NZD/JPY is expected to rise toward the target level 83.035 in the next 4 trading days. Autochartist set the stop-loss for this bullish forecast at the close price level 75.805 (point A, which is the bottom of this Down Channel). This point formed earlier when the pair corrected up from the strong support area lying between the support level 75.50 and the 38,2% Fibonacci Retracement of the preceding weekly upward impulse from June of last year (as you can see on the second chart below).
NZD/JPY - 1" width="600" height="364">
The following weekly NZD/JPY chart shows the aforementioned support levels:
NZD/JPY - 2" width="600" height="613">
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NZD/JPY: Expected To Rise
Published 06/11/2013, 05:56 AM
Updated 03/09/2019, 08:30 AM
NZD/JPY: Expected To Rise
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