By: Dima Chernovolov
NZD/JPY continues to rise inside the 30-minute 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 (one bar), strong Uniformity (9 bars) and significant Clarity (7 bars). NZD/JPY is expected rise further inside this Rising Wedge – in line with the earlier upward reversal from the support area shown below.
As can be seen from the NZD/JPY chart below, the price earlier reversed up from the support area lying between the key support level 72.30 (which stopped the sharp downtrend in August) and the lower daily Bollinger Band. The proximity of this support level area the bullish divergence on the daily Stochastic indicator increase the probability NZD/JPY will continue to rise inside this chart pattern.
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