The New Zealand dollar increased its value by 20% against the Japanese Yen (NZD/JPY) from 55.00 to 66.00 in less than a month. Afterwards it started consolidating sideways as seen in the 4-hour chart above. In the process, there could be a bullish setup particularly a 1-month symmetrical triangle forming which could propel this forex pair to rise once more. Upon breakout from the said pattern, my target price is set to 68.50. I got this by adding the triangle’s size to the possible breakout point. In case this pattern breaks down, the immediate downside could be 64.50. Then after that, 62.65 could be the next support.
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