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New Zealand Dollar / Japanese Yen
Long
Updated

NZDJPY at Key Support Zone: Potential Buy Opportunity

NZDJPY is approaching a key demand zone between, marked by historical price reactions and clear buying pressure in the past. This zone aligns with a strong support level where buyers previously regained control.

The current market structure suggests the potential for a bullish reversal if price action shows a clear rejection from this demand zone. A possible confirmation could be in the form of bullish candlestick patterns, such as a bullish engulfing candle or long lower wicks. If buyers step in at this zone, I anticipate an upward move toward the 88.180 level, which represents a logical target within the current market structure.

Key considerations:
  • Wait for clear rejection signs at the demand zone before entering long positions.
  • Manage risk carefully, as a break below the zone could signal further downside potential.
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DanieIM
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DanieIM

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