NZD/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Kiwi is depreciating against the Japanese Yen simultaneously in two channel down patterns. There are no signs of a short term change in the situation, as the pair is heading for the 23.60% Fibonacci retracement level, which is located at 80.34 level. The Fibonacci retracement level on this pair are measured by connecting the 2016 high and low levels. However, their effectiveness has proven itself in the last half a year to be working with a large range rather than affecting the rate at the exact moment as it reaches the Fibonacci retracement level. Due to that reason traders are advised to use the retracement levels for guidance in clusters together with other levels of significance.
© Dukascopy Bank SA
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