Trade of the Day: NZD/JPY

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ChartViper Trade of the Day

NZD/JPY recently broke the 4-hour Up Channel chart pattern, which was recently identified by Autochartist. Autochartist measures the quality of this Up Channel at the 4-bar level – which is the result of the average Initial Trend (5 bars), below-average Uniformity and Clarity (4 bars). NZD/JPY is expected to fall toward the forecast price 84.22.

As can be seen from the daily NZD/JPY chart below – the pair earlier the broke below the support area located between key support level 0.6200 and the 61.8% Fibonacci correction of the previous sharp upward impulse from the end of April. This price zone is acting as the strong resistance area after it was broken. The proximity of this resistance area adds to the probability NZD/JPY will continue to fall toward the forecast price 84.22.

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