NZD/JPY 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a downward break out of the rising wedge, NZD/JPY acted conventionally by executing a retracement towards the broken trend-line. An extended downtrend would come across some resistance at 74.58/48 – the Ichimoku cloud- with more prominent supply at 74.44/37 and 74.15 more to the south. With 73% of traders shorting the pair, there is still possibility for a return above the broken trend-line, but it is unlikely that the upside boundary will be respected. The rate will battle 75.37 and 75.49 with further upside risk resting at 75.62. With the multitude of various significance SMAs below, it could take a while to address the area beneath.
© Dukascopy Bank SA
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