NZD/JPY forecast for December 17, 2020

Looking at the chart on the weekly time frame, we see that the NZD/JPY pair made a break outside the falling channel with the support of moving averages MA50 and MA100. He is currently testing the MA200, and if he manages to rise above the MA200, we can expect him to climb to the psychological level at 75.00 soon. By setting the Fibonacci level, we see that the pair is above the level of 38.2% and is moving towards the level of about 50.0%.

On the daily chart, we see a strong bullish trend and a potential continuation towards higher levels. We had a parallel channel and a break above the upper channel line that coincided with the long-running downward trend line, which can indicate that we can expect growth up to 75.00 and above. The previous high with the beginning of the year has passed, and now we are going even higher.

On the four-hour time frame, we see that the NZD/JPY pair encountered resistance at 74.00 and is now making a consolidation from the support of all three moving averages MA50, MA100, and MA200. At the bottom, we have support at 73.00, indicating whether the pair will continue in the bullish option or go down for better support.

News for NZD: New Zealand’s gross domestic product fell 2.2 percent year-on-year in the third quarter of 2020, New Zealand statistics announced on Thursday. It missed expectations for a 1.3 percent drop after an annual drop of 12.4 percent in the previous three months. Quarterly, GDP grew by a record 14.0 percent – exceeding expectations for growth of 13.5 percent after falling 12.2 percent in the previous three months.