NZD/JPY Technical Analysis: 76.55 holds the gate to rising wedge resistance near 76.80

The NZD/JPY pair struggles around 76.30 during early Asian sessions on Tuesday.
Pair’s trading patterns since early February month forms a short-term “Rising Wedge” bearish pattern on four-hour chart with 76.80 being the resistance and 76.45 acting as a pattern support.
While lower highs since early last-week portray the pair weakness, refrain from declining beneath 75.90 indicates the underlying strength.
76.55 may offer immediate resistance to the quote ahead of highlighting pattern’s upper line figure of 76.80.
Break of 76.80 negates the bearish formation and can propel the pair towards 77.00 and then to the mid-December highs near 77.50.
On the downside slip under 75.90, 75.60 and 75.45 will gain market attention.
In case 75.45 fall short of limiting the pair’s declines, the bearish formation gets confirmed and could please sellers with 73.15 and 72.50 supports.
However, 75.00 and 74.45 may offer intermediate halts during the pair’s drop.

Anil Panchal FXStreet

NZD/JPY 4-Hour chart

Additional important levels:

Overview:
    Today Last Price: 76.26
    Today Daily change: 17 pips
    Today Daily change %: 0.22%
    Today Daily Open: 76.09
Trends:
    Daily SMA20: 75.5
    Daily SMA50: 74.6
    Daily SMA100: 75.35
    Daily SMA200: 75.13
Levels:
    Previous Daily High: 76.51
    Previous Daily Low: 75.77
    Previous Weekly High: 76.57
    Previous Weekly Low: 75.66
    Previous Monthly High: 76.57
    Previous Monthly Low: 73.82
    Daily Fibonacci 38.2%: 76.23
    Daily Fibonacci 61.8%: 76.05
    Daily Pivot Point S1: 75.74
    Daily Pivot Point S2: 75.38
    Daily Pivot Point S3: 74.99
    Daily Pivot Point R1: 76.48
    Daily Pivot Point R2: 76.86
    Daily Pivot Point R3: 77.22

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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