NZD/JPY 1H Chart: Previous forecast at work

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
 MACD(12;26;9) Buy Buy Sell
 RSI(14) Neutral Neutral Neutral
 Stochastic(5;3;3) Neutral Neutral Neutral
 Alligator(13;8;5) Buy Buy Neutral
 SAR(0.02;0.2) Sell Buy Sell
 Aggregate

The New Zealand Dollar has appreciated around 9.65% against the Japanese Yen since the beginning of January.  

As apparent on the chart, the currency pair has already tested the weekly R1 at 76.51. Given that the exchange rate is being supported by the 100– and 200-hour SMAs, it is expected that bullish momentum prevails in the market. It is likely that the rate reaches the upper boundary of the long-term descending channel located circa 77.75. 

However, this advance might not be immediate as the pair has to surpass the monthly R1 at 77.34.

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