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– NZDJPY reversed from long-term support level 83.15
– Likely to rise to resistance level 85.00
NZDJPY currency pair today reversed up exactly from the long-term support level 83.15 (which stopped the sharp downtrend at the start of August of 2024 as can be seen below), standing near the lower daily Bollinger Band.
The upward reversal from this support zone will form the daily Japanese candlesticks reversal pattern Hammer – if the pair closes today near the current levels.
Given the proximity of the strong support level 83.15 and the oversold daily Stochastic, NZDJPY currency pair can be expected to rise to the next resistance level 85.00, former support from the start of February.
Source: https://fxpro.news
