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Chart Of The Day: BPC Formation Indicates NZDJPY Further Downside

Nov 29 2017, 03:19 PM (+06) |


Looking at the NZDJPY's break of five-month old descending trend-line support, coupled with consequent U-turns from 76.00 and the 77.35, a short-term BPC (Break-Pullback-Continuation) pattern seems portraying on the chart. As a result, the pair's drop to 76.30 and then to the 76.00 become widely expected but its following downside might have to conquer the 75.65-60 horizontal-region in order to justify Bears' strength. Given the quote's daily closing beneath 75.60, the 75.20, the 75.00 and the 74.60 are likely small rests that it could avail ahead of aiming the 74.00 round-figure support-mark.

On the upside, a D1 close beyond 77.35 can negate the downturn signaling formation and may quickly propel the pair towards 77.80 and then to the 78.15 trend-line resistance. In case if prices extend their recovery above 78.15, the 78.50 and the 50-day SMA level of 79.00 may please the buyers

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