Trade of the Day: NZD/JPY

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ChartViper Trade of the Day

NZD/JPY continues to rise inside the daily Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (1 bar), strong Uniformity (9 bars) and significant Clarity (8 bars). NZD/JPY is expected to rise further inside this Rising Wedge.

As can be seen from the daily NZD/JPY chart below – the pair earlier broke the resistance area located between the resistance level 86.00 (which stopped the pair at the start of this month) and the upper resistance trendline of the daily up channel from March. This price area is acting as the strong support zone after it was broken. The proximity of this support zone increases the probability NZD/JPY will continue to rise inside this Rising Wedge.

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