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Nzdjpyidea

NZDJPY Impulse - Correction SpottedNZDJPY potential buying opportunity, the weekly chart shows an impulse - correction pattern, after every impulse & correction next impulse is formed. Things to consider: 1. Strong weekly impulse followed by short term correction 2. Correction wave retraced 0.382 Fibonacci level and rejected 2 times 3. Price is moving up from strong weekly support 4. COT data:- NZD - 1k ⬇️ JPY - 61k ⬇️ (overall price will go up since JPY is much weaker than NZD) How to enter: 1. Study the chart provided 2. Locate all the important prices 3. Tommorow when market is open find best entry on 4hr timeframe 4. Stay tuned for sniper entry on Monday ALL THE BEST!
Long
by lofitrend
NZDJPY Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of NZDJPY (Monthly, Weekly, Daily for direction and 4H for entry) for Week 44 - 26 Oct M > Market is moving in a downward channel, price tested resistance of channel and dropping after rejection. Price has already dropped till 0.382 Fib level on monthly bullish impulse. W > Price tested resistance level thrice and faced rejection creating triple top. We can see a W formation and expect price to drop and test its neck. However for last 4 months price is moving in a range of about 300 pips. D > Price dropped till weekly demand zone again and faced rejection creating double bottom. Price moved up to test weekly supply zone and after rejection started dropping again. We will continue with 3 bearish targets identified last week. 1. Weekly demand zone where price created double bottom last time. 2. Demand zone at odd candle (66.67) on D chart, above neck of W formation. 3. Neck of W formation. Drop till this level will create an inverted H & S pattern. As per COT NZD saw closure of both Long and Short positions further improving net positions, whereas ZXY was weak during the said week but it gained strength last week. JPY saw closure of Long and addition of major Short positions reducing net positions further however N-R added few Long and closed major Short positions. JXY during the said week ended in a Doji but improved its position last week. NZD has been gaining strength slowly since June 2020 which is not in line with our target. However JPY being a safe heaven can strengthen on account of short term uncertainty till outcome of US election. We will hence identify invalidation level for bearish target. 4H > Price is currently back again to test weekly supply zone. A break to the downside will confirm bearish move but a break to the upside till daily resistance will invalidate our target. Pair Correlation > NZDJPY has positive correlation with NZDUSD, AUDUSD and AUDJPY and negative correlation with EURAUD. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
Short
by AP17FX
SELL NZDJPY!!!So, what kind of situation we have in NZDJPY pair. If we see the trend lines, it's saying that it's a good time to short this pair as this region holds strong resistance. Also, in the 4 hr chart, we got conformation to sell this pair. So, if we take a short here then we will be taking profit at 65.300 approx. with a stop loss of 66.200. It's a good risk to reward ratio. Prices must follow the south direction. So, we are going to enter this trade now. Let's see what happens!!!! Stay updated :)
Short
by ng_forex
2
NZDJPY WHERE ITS HEADED!!On Friday NZDJPY rallied near to 65.00. So what's next? According to the trend channel, it must bounce back to 64.00 levels approx. BUT this time it may be breaking this trend and in that case, we will be seeing 66.500 levels approx. and on the downwards direction there is support holding still at 65.00. So, a rebound might be seen from there. What should be the plan?? If we are long on this pair, nook profit here or at least save some by moving stop-loss above. If planning a short then don't take it now, wait till it gets confirmation below 65.00. Otherwise, be neutral as it has high chances to rebound from 65.00 levels if not, then it may rebound again from 63.700 which proved to be a strong support region. Now, if you liked this analysis then leave a like and follow me. :)
by ng_forex
NZDJPY GREAT OPPORTUNITYNZD JPY is currently around support in the daily chart and also, according to the pattern formation. It must bounce back from here to 65.00 and above levels. So, it may be a great opportunity for those who are looking to enter a long position with a stop loss at 62.900 and the first target to 65.00 because there is a resistance at 65.00. If it breaks it then we can see 65.500 to 66.00 levels. So, in my opinion, if we take a long here, it is a great opportunity with less risk and high rewards.
Long
by ng_forex