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NZD/JPY: Breakout Opportunity

08/08/2023

Less than a minute

2023.08.08 10:01

Scott Barkley

The current exchange rate for stands at 86.45 and the currency pair is moving within a rectangle pattern within a specific range. If the support level is broken, we are anticipating a continuation towards the ATR target at 85.80. The overall target is the 1.270 Fibonacci at 85.70. It is important to monitor the USDX for guidance on direction. On average, the pair experiences a daily true range (ATR) of 112 pips, with a 90-day average of 92 pips. Currently, the USDX is on an upward trend.

NZD/JPY Chart