HomeContributorsTechnical AnalysisNZD/JPY Bounces Off Support

NZD/JPY Bounces Off Support

The NZD/JPY currency pair bounced off the lower boundary of an ascending channel pattern at 76.35 on September 21. As a result, the New Zealand Dollar has surged by 173 pips or 2.26% against the Japanese Yen since this week’s trading sessions.

Given that the exchange rate has bounced off the support line, bullish traders could continue to pressure the price higher during the following trading sessions.

However, the currency exchange rate might encounter resistance at 78.60 within this session.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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