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.
Long
