NZD/JPY 30M Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/JPY acted according to the scenario implied by the rising wedge, which emerged during the last few days and led to a dip below the bottom trend-line tonight. Following a retracement, the pair is currently pushing through the tough 74.55/50 area, and a close below would open the way to 74.30, the daily S2. Considering the significance of the broken trend-line and the certainty with which the 200-period SMA was violated, the pair could extend the weakness as low as 74.22, the monthly Pivot Point. There is, however, still hope for a return inside the wedge, as traders betting heavily on a falling New Zealand Dollar (74% positions are short) could elevate the rate towards equilibrium, setting eyes on 75.14/16 when inside the pattern.
© Dukascopy Bank SA
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