NZD/JPY 4H Chart: Rectangle

Pair has been trading in a 370 pip range since the first part of September. It started as a Double Top pattern, but the pair started appreciating in the last week of October even before it hit the pattern' support, which at that point was at 79.89. We might expect some downside pressure form daily and weekly R1 and 20-day SMA, but as we saw one failure and the pair still holds it's bullish trend we expect it to be breached in the upcoming day or two. After that we do not expect any major bearishness as only weekly and daily pivots will be men on the way to the pattern's support and all key SMA's will work as support levels.