NZD/JPY 1H Chart: Short-term pattern prevails
The Kiwi’s movement against the Japanese Yen has been confined in a six-month channel down. Its upper boundary was tested on January 23 after which the pair began a period of decline. The New Zealand Dollar has likewise formed a junior descending channel in force since early 2018.
As apparent on the chart, the pair reversed from the 78.60 mark this morning and has since demonstrated a slight upward movement. It is likely that this direction persists during the following trading sessions until the combined resistance of the 100– and 200-hour SMAs, the weekly and monthly PPs and the 61.80% Fibo retracement is reached near 80.20. The upper boundary of the five-week channel is also located near this mark.
If looking at the following 24 hours, minor correction south is still possible.
As apparent on the chart, the pair reversed from the 78.60 mark this morning and has since demonstrated a slight upward movement. It is likely that this direction persists during the following trading sessions until the combined resistance of the 100– and 200-hour SMAs, the weekly and monthly PPs and the 61.80% Fibo retracement is reached near 80.20. The upper boundary of the five-week channel is also located near this mark.
If looking at the following 24 hours, minor correction south is still possible.