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NZD/JPY

09-05-2008 - FX Solutions  |   Forex Technical Analysis
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NZD/JPY – After breaking down below a rather well-defined inverted pennant formation on the NZD/JPY daily chart, as shown, price action has just approached a significant long-term uptrend support line. This uptrend line is represented on the chart by the long, green line. With at least four separate touches with reversals since mid-2006, this line represents a significant dynamic support level. Another bounce up off this line, which is the current directional bias, should target resistance at the underside of the broken inverted pennant. A breakdown below the trendline, on the other hand, should target an important support/resistance level in the 75.00 region.

James Chen
Chief Technical Analyst, FX Solutions
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FX Solutions
FX Solutions, LLC was founded in 2001 by two foreign exchange veterans with over 50 years combined experience. The Company is a leading online foreign exchange (forex) broker, operating as a market-maker to retail and institutional clients. With its focus on advanced trading technology solutions, th...
 
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