NZD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar trades against the Japanese Yen in an unclear manner on a larger scale. It is clear that there is an ascending channel in the short term, but no larger pattern. However, after extensive search the reason was found. The pair trades between the Fibonacci retracement levels, which can be measured by connecting the 2012 low and 2014 high levels. The ascending channel pattern is a representation of the rates rebound against the 50.00% Fibonacci retracement level at 75.80 in the aftermath of the US presidential election, when the pair bounced around the retracement level. Most recently the rate approached the 38.20% level, and it is likely to break through the just mentioned level.
© Dukascopy Bank SA
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