NZDJPY Pump and dump in action.

The NZDJPY pair is trading within a Channel Up pattern using the 1D MA50 (blue trend-line) as a pivot point as of late. We can see a diverging (dotted) Channel Up that has priced the recent Higher Highs as well as being supported by the 1D MA200 (orange trend-line).

The 1D RSI has rebounded on the 39.90 Support level, which is where the last two Higher Lows has been priced, while the 1D MACD just formed a Bullish Cross. This is a buy signal and our target is the top (Higher Highs trend-line) of the dotted Channel Up at 91.800. We are waiting for a sell after the 1D RSI gets rejected near the 73.40 Resistance, and we will target the bottom of the longer term Channel Up at 88.900.

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