Could JPY further decline?
NZDJPY initially made a strong rally to 86.20 then pulled back and recently found itself stuck in a range between 84.40 and 85.20.
We saw JPY further decline yesterday after the Jackson Hole weekend and NZDJPY finally broke out of the 7 day range it had been consolidating in and the daily candle closed as a massive bullish engulfing above 85.20, signaling buyers were stepping back into the market.
We also broke out of the bullish triangle that was also forming.
The market is now retesting the broken triangle and also retesting 85.20 which was once resistance but now potential support.
Could this be the trigger for a continuation move up back to 86.20?
One for the radar.
We saw JPY further decline yesterday after the Jackson Hole weekend and NZDJPY finally broke out of the 7 day range it had been consolidating in and the daily candle closed as a massive bullish engulfing above 85.20, signaling buyers were stepping back into the market.
We also broke out of the bullish triangle that was also forming.
The market is now retesting the broken triangle and also retesting 85.20 which was once resistance but now potential support.
Could this be the trigger for a continuation move up back to 86.20?
One for the radar.
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