NZD/JPY rebounded from the low

NZD/JPY rebounded from the low

On H4 of NZD/JPY, the pair rebounded from the low at 70.43 and moved up. Up to now, it has been trading near an important level of 70.68. If the pair sticks above it, the next level to break is the upper boundary of the descending channel. If bulls succeed to do that, we will see a correction of the downtrend. The first resistance is at 70.90. As soon as the pair is closed above it, we will see a further rise.

However, the pressure is strong until the pair is in below the upper boundary of the channel. So, the rise may be limited. A break below 70.68 will lead the pair to 70.43.

NZDJPYH4.png

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