NZD/JPY Signal - JPY Tertiary Industry Index - 16 Nov 2021

NZD/JPY is trending to the upside today prior to the JPY Tertiary Industry Index data, which indicates the domestic service sector in Japan such as information and communication, electricity, gas heat and water, services, transport, wholesale and retail trade, finance and insurance ,and welfare.

Technically the pair has formed an ABCDE descending wedge pattern on the 1h chart, and has held the daily support at previous structure / the 38.2% fibonacci retracement level. We anticipate continued upside into 82.00.