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NZD/JPY Trading Near a Consolidation Pattern Resistance

The NZD/JPY in bearish but has been in consolidation mode for more than a month, since making a low at 80.40 in mid-August. After a correction to 83.27, the pair has been in a choppy consolidation pattern seen in the 4H chart. 

NZD/JPY 4H Chart 8/20
(click to enlarge)

In the 4H chart we an see that the moving averages (200-, 100-, and 50-) are all clustered together. That is a sign that the market has shifted from a bearish to a sideways market. In fact at the moment, the pair is threatening to shift into a bullish trend. It is still early, but a break above 82.25 could break the previous resistance pivot and a falling trendline that has held the consolidation structure since late July. This breakout, would first open up the 83.27. 

The next 2 key bullish signals would be a break above 83.27 as well as a respect of 82.00 as support if there is a pullback. The 82.00 support will be important. If there are bullish breaks, we have to consider them possible "clear-outs" that lead to further downside. However, if the NZD/JPY holds above 82.00, the bullish breaks are more likely to be valid.