NZD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Kiwi is surging against the Japanese Yen simultaneously in two different scale ascending channels. Most recently the pair broke out of a short term channel up pattern in the aftermath of the rates encounter of the medium term channel's upper trend line. Due to that it can be assumed that the currency exchange rate is set to retreat or remain flat until the end of the week. However, afterwards it is most likely to surge in accordance with the medium term channel up to the large scale pattern's resistance line around the level of 84.50. In such case the upper trend line would be reached in the first part of February.
© Dukascopy Bank SA
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