NZD/JPY is the best-performing FX trade today, in percentage terms. It’s up nearly a full percentage point to 73.92 from 73.20.
The chart is also compelling.
Major support at 72.25 held last week in the market rout and that has formed a triple bottom. It’s often said that a triple bottom is simply a double bottom that’s failed to spur a rally but it can also serve as a springboard.
If you believe that sentiment can continue to improve — and buying the dip has certainly paid off before — then there’s plenty of reason to be optimistic.