NZD/JPY

NZD/JPY

By FX SolutionsMay 08, 2008 08:00PM ET

www.investing.com/analysis/technical/nzd%252Fjpy-6860

NZD/JPY

By FX Solutions | May 08, 2008 08:00PM ET

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NZD/JPY – After breaking down below a rather well-defined inverted pennant formation on the NZD/JPY daily chart, as shown, price action has just approached a significant long-term uptrend support line. This uptrend line is represented on the chart by the long, green line. With at least four separate touches with reversals since mid-2006, this line represents a significant dynamic support level. Another bounce up off this line, which is the current directional bias, should target resistance at the underside of the broken inverted pennant. A breakdown below the trendline, on the other hand, should target an important support/resistance level in the 75.00 region.

James Chen
Chief Technical Analyst, FX Solutions

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In this PDF you will find the latest technical analysis published by Forex Trends

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