NZD/JPY 30M Chart: Ascending Channel

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
An ascending channel led NZD/JPY after the Election plunge and is now on the verge of breaking in favour of an extensinve surge. The pair has not conquered levels above 77.81, which it addressed before the Election, but has built up enough bullish potential for an outburst in the next wave north. A break above the resistance will likely call for a retracement, meaning that 77.90 or the tougher 78.00/02 area could cap the gains to push for a retracement, opening up 78.37 and 78.65 when the rally is extended afterwards. Support is bolestered by various technical factors, which could help elevate the rate outside of the triangle.
© Dukascopy Bank SA
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