Technical Analysis – NZDJPY rises to 2-month high, pivoting critical Fibonacci level
Posted on October 16, 2015 at 6:41 am GMTNZDJPY extended gains for a third straight day to reach a high of 81.90 early on Friday, a two-month high. Prices have reached a critical level now at the 50% Fibonacci retracement level of the downleg from 92.39 to 70.79. Prices are now pivoting this level at 81.57. There was consolidation around this level during July and August, which indicates the importance of this level. Momentum is still in bullish territory and the tenkan-sen is above the kijun-sen line. These [..]