NZDJPY - BULLS BACK IN THE GAME?Symbol - NZDJPY
CMP - 83.70
The NZDJPY currency pair is currently exhibiting a false breakout below the established range support, which, in the context of an emerging reversal pattern, suggests a potential breakdown of the prevailing bearish structure.
From a fundamental perspective, recent market conditions have been highly volatile, primarily driven by unpredictable political rhetoric-particularly surrounding ongoing trade tensions. However, from a technical standpoint, the pair appears to be re-entering its prior trading range amid signs of market stabilization. The false breakdown of the support zone reinforces the probability of a short-term bullish reversal.
The breach of the bearish trend structure, combined with the emergence of a reversal formation and re-entry into the range, increases the likelihood of upward price movement. Should bullish momentum sustain price action above the 83.70-84.20 support zone, further appreciation toward the 85.15–87.40 resistance range is plausible.
Key Resistance Levels: 84.196, 86.150
Key Support Levels: 83.790, 83.310, 82.210
Sustained consolidation above the key support area may provide the bulls with an opportunity to drive the price higher toward a local zone of interest. While the broader trend remains neutral, the short-term outlook has shifted to a bullish bias.
Nzdjpysetup
NZDJPY - ATTEMPTING TO REVERSE TRENDSymbol - NZDJPY
CMP - 85.40
NZDJPY currency pair is attempting to reverse its downtrend by breaking through the channel resistance. With the recent strengthening of the U.S. dollar, the pair has strong potential to advance.
From a technical perspective, buyers are gaining momentum and providing market support, as evidenced by the rising local lows, which are progressively leading towards the breakout of the channel resistance. The key level to watch in this scenario is the resistance at 85.24, which is broken & serves as a crucial threshold, separating the market into two distinct zones.
Should the bulls manage to secure a close above 85.24, a short-term rally towards 86.13, and potentially 86.90, may unfold.
Key support levels: 84.50, 84.00
Key resistance levels: 85.24, 86.13, 86.90
Initial testing of the resistance at 85.24 could result in a brief pullback due to liquidity above this level. This pullback may be directed towards the previously broken channel resistance. However, the primary focus remains on a sustained price consolidation above 85.24, as this would confirm that the bulls are maintaining control of the market and are poised for further upward movement.
NZDJPY - TECHNICAL ANALYSIS FORECASTnzdJPY based on a technical chart ON D1 it clearly indicates a triangular pattern that contains a length of 29 candles and forms a bearish continuation pattern.
The trading approach will be bearish for this currency after the breakout from the support levels.
Selling zone: 76.750 - 76.650
Stop loss: 77.100
Target: 75.500 - 74.700
Disclaimer: All the information provided is for educational purposes. Before taking a trade kindly consult with your investment advisor. We are only providing for the educational and confidence built-up for the forex market
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!
NZDJPY buying againThe market came and retested the trendline again in 4hrs. So we went down to the lower timeframe for entry. After the breakout of previous resistance in 30 mins we took this trade with a very good 1:2 risk to reward.
we took this trade very earlier before and got stopped out. So we are in this trade again.