NZD/JPY 30M Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/JPY stayed steady inside of the ascending channel that dominates the bullish trend for two weeks already, battling some upside pressures that caused the rate to lose volume and momentum on the latest wave. Various time-frame SMAs now make the pair face a tough area to push through and express enough strength to rally up to the upper channel trend-line at 75.42. We look for a strong New Zealand Dollar that would result in a trend continuation. With most of the technical indicators pointing south, however, we cannot eliminate a reversal, stemming from a broken bottom trend-line around 73.95. The first target would then lie at 73.68 from which we would expect a rebound towards the broken 74.00 area with further risk at 73.53 and 73.33, respectively.
© Dukascopy Bank SA
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