NZD/JPY Technical Analysis: 76.55 holds the gate to challenge rising wedge resistance near 76.80

• The NZD/JPY pair struggles around 76.30 during early Asian sessions on Tuesday.
• Pair’s trading patterns since early February month forms a short-term “Rising Wedge” bearish pattern on four-hour chart with 76.80 being the resistance and 76.45 acting as a pattern support.
• While lower highs since early last-week portray the pair weakness, refrain from declining beneath 75.90 indicates the underlying strength.
• 76.55 may offer immediate resistance to the quote ahead of highlighting pattern’s upper line figure of 76.80.
• Break of 76.80 negates the bearish formation and can propel the pair towards 77.00 and then to the mid-December highs near 77.50.
• On the downside slip under 75.90, 75.60 and 75.45 will gain market attention.
• In case 75.45 fall short of limiting the pair’s declines, the bearish formation gets confirmed and could please sellers with 73.15 and 72.50 supports.
• However, 75.00 and 74.45 may offer intermediate halts during the pair’s drop.

NZD/JPY 4-Hour chart