Daily Analysis: NZD/JPY Forming Ascending Scallop Pattern
Nenad Kerkez | Apr 15, 2015 05:32AM ET
NZD/JPY is forming Ascending scallop pattern
NZD/JPY is showing a form of ascending scallop pattern and it is getting close to the region it might reject (around 89.70). If it rejects we could see so called "handle" formed that will lead to anoher leg of buying towards 90.30 and 90.75. Ascending scallop handle should have a confluence at 89.70 region with DPP, 50.0 and previous breakout point. If the pair stays above 89.50 handle will be confirmed else the pair might break out to the downside.
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