NZD/JPY 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
NZD/JPY continued its strong downtrend that was kicked off by a double top in January, but after a break above the channel that had led it to the current levels, the pair set a falling wedge in motion, suggesting that some more upside pressures are to take over. The wedge formed over this week after the pair opened with a gap, and is now keeping the rate near the middle with short-term risks skewed a little more to the upside than to the downside. We will now look for tests of the upper trend-line around 76.55, which could then ultimately lead to a break above and a soar.
© Dukascopy Bank SA
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