Positive Reversal Seen On NZDJPY
The NZDJPY pair may resume its uptrend after correcting from a high of 79.75 to around 79.15. As you can see from its 1-hour chart, the New Zealand dollar or the Kiwi as they call it on the streets is still tracking on an uptrend versus the Japanese yen. Now the pair is already trading with an oversold condition as seen in its stochastics but may further fall to its previous resistance at around 79.00 before eventually going higher. A presence of a hidden bullish divergence, where the price marks higher lows while the stochastics draw lower lows, or a positive reversal in other texts suggest a possible rebound in prices soon. If it does then the NZD/JPY pair may head back to at least 79.50. On the other hand, a fall below 79.00 may send it down to 78.50.
