NZDJPY is coiling up. Which way will it break out to?
Looking at the technical picture of 
NZDJPY on our 4-hour chart, we can see that the pair is currently coiling up, as it sits between two trendlines, a short-term downside one, drawn from the high of 5th of July and an upside one taken from the low of 24th of March. For now, we take a neutral stance and wait for a breakout.
A break of the aforementioned downside line and a push somewhere above the 87.14 barrier may invite a few more bulls into the game. This could clear the path towards slightly higher areas in the near-term, where we could possibly target the 87.80 zone, or even the 88.60, which are marked by the highs of 10th and 1st of August respectively.
Alternatively, a drop below the previously discussed upside line might spook the bulls from the field, allowing more bears to join in.NZDJPY could then travel to the 85.79 hurdle, which is the lowest point of August. If the selling doesn't stop there, the next potential target could be the lowest point of July, at 84.94.
DariusAnucauskas
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
NZDJPY on our 4-hour chart, we can see that the pair is currently coiling up, as it sits between two trendlines, a short-term downside one, drawn from the high of 5th of July and an upside one taken from the low of 24th of March. For now, we take a neutral stance and wait for a breakout.A break of the aforementioned downside line and a push somewhere above the 87.14 barrier may invite a few more bulls into the game. This could clear the path towards slightly higher areas in the near-term, where we could possibly target the 87.80 zone, or even the 88.60, which are marked by the highs of 10th and 1st of August respectively.
Alternatively, a drop below the previously discussed upside line might spook the bulls from the field, allowing more bears to join in.
NZDJPY could then travel to the 85.79 hurdle, which is the lowest point of August. If the selling doesn't stop there, the next potential target could be the lowest point of July, at 84.94.DariusAnucauskas
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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