By: Dima Chernovolov
This technical analysis report is based upon a trade opportunity taken from Autochartist’s Market Reports.
NZD/JPY continues to rise in the direction of the Key Resistance Level 84.49 (of the type Approach) that was previously identified by Autochartist on the daily charts – as you can see from the following trade opportunity alert for this currency pair. NZD/JPY is expected to reach this target level in the next 19 trading days. Autochartist set the stop-level for this forecast at 80.20. The pair recently reversed down twice from the resistance level 84.00. The latest downward impulse from 84.00 recently reversed up from the steep, upward-sloping support trendline, which has supported the latest daily upward impulse from August – which broke the earlier daily Triangle from April. NZD/JPY will need to break resistance level 84.00 to reach target level 84.49.
The following daily NZD/JPY chart shows the long-term picture of this pair’s movement:
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