NZD/JPY holds minor support at 74.43, upside could test 75.45
Renewed weakness in NZ dairy prices overnight (GDT-TWI down 2.9%) kept the Kiwi weak. NZD/JPY tested lows of 74.43.
Our previous call (link below) has achieved targets.
Yen weakness across the board is keeping the pair from extending downside, NZD/JPY has pared losses and is currently trading around 74.90.
On the 2 hourly charts, momentum has turned positive, RSI and Stochs have rolled over from oversold territory and MACD line is on the verge of a bullish crossover on signal line.
Immediate support and resistance are aligned at 74.45 (trendline) and 75.50 (Jan 20th highs) respectively.
Good to buy dips around 74.75/80, SL: 74.40, TP: 75.15/75.45
Our previous call (link below) has achieved targets.
Yen weakness across the board is keeping the pair from extending downside, NZD/JPY has pared losses and is currently trading around 74.90.
On the 2 hourly charts, momentum has turned positive, RSI and Stochs have rolled over from oversold territory and MACD line is on the verge of a bullish crossover on signal line.
Immediate support and resistance are aligned at 74.45 (trendline) and 75.50 (Jan 20th highs) respectively.
Good to buy dips around 74.75/80, SL: 74.40, TP: 75.15/75.45
Trade active:
All targets on the call are achieved.
The pair is seeing some weakness after hitting highs of 76.42.
Low risk traders can book profits and exit trade.
We see some upside left, weakness below 75.45.
The pair is seeing some weakness after hitting highs of 76.42.
Low risk traders can book profits and exit trade.
We see some upside left, weakness below 75.45.
Trade closed: target reached:
Sees multiple rejections at channel top resistance. Upside only on breaks above.
