NZD/JPY 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
What used to be a channel down pattern on the hourly chart, has now lost amplitude for lows and upped its bullish potential as a falling wedge emerges. Following the double top on the daily chart, NZD/JPY showed solid downward momentum until just now. The hit at the upper trend-line might serve as a stepping stone to start another wave south, setting the 76.56 area as its ultimate target after strong support at 77.20/18 and 77.18/06 is encountered. Because the region below is tough to breach, the pair might as well launch a second attack on the upper bound around 77.36/37 which would then make us lean towards a breakout as amid stickiness at the trend-line.
© Dukascopy Bank SA
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