NZDJPY → Attempting to change the downtrend

is trying to get out of the downtrend by breaking the channel resistance. Against the background of local strengthening of the dollar, the currency pair has all chances.

Technically, buyers are starting to gain momentum and support the market, it can be seen on the background of locally growing minmiums, which gradually leads to the breakout of the channel resistance. The trigger in our case is the resistance 85.240 - a key level that divides the market into 2 planes.
If the bulls are able to consolidate above 85.240, an impulse to 86.13, then 86.88 may be formed in the short-term.

Support levels: 84.500, 84.00
Resistance levels: 85.240, 86.13

Initial testing of the trigger may end in a small pullback due to liquidity formed above. The pullback may be directed towards the previously broken channel resistance. But the emphasis is on price consolidation above 85.240, as this will be a prerequisite that the bulls are holding the market in the moment and are ready to keep going up.

Regards R. Linda!

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