Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (75.2). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. NZDJPY is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
....
The descending triangle formed in the counter paints a bearish bias in the counter.
The price is currently at a support zone, however, we expect it to break paving way for a short trade.
Hence, traders can go short only after a bearish candle closes below the support zone.
The 4-hour chart of NZD/JPY indicates that the pair is currently in downtrend.
The pair is currently in the strong support zone of 75.438.
The stochastic indicator has also a divergence, which indicates a weakening selling momentum.
Hence we expect the pair to be bullish until it reaches the zone of 76.586.
It seems NZD/JPY breached it's bearish trend price @ 76.000, From fibonacci retracement points it's expected to reach it's 38% retracement price @ 77.127.
after reached 38% retracement , there would be a pullback correction chance for long bullish trend
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