Bullish rise?NZD/JPY is reacting off the pivot and could rise to the 1st resistance.
Pivot: 86.16
1st Support: 85.24
1st Resistance: 87.19
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Jyp
"JPY/USD Bearish Channel Analysis: Potential Reversal Near ResisThis chart shows JPY/USD moving within a clear descending channel, marked by a resistance trendline (upper boundary) and a support trendline (lower boundary). The price is respecting the structure of the channel, bouncing between these trendlines.
### Key Observations:
1. **Current Position:** The price is near the resistance trendline, suggesting a potential reversal to the downside in line with the channel's bearish trend.
2. **Projected Move:** Based on the arrow drawn, the expectation is for the price to move lower toward the support trendline.
3. **Trend:** The overall structure indicates a bearish market within this channel.
### Possible Action:
- Look for selling opportunities around the resistance trendline with targets toward the lower boundary of the channel (support).
- Watch for a breakout from the channel if momentum builds significantly, as this could indicate a change in the trend.
GBPJPY Potential UpsidesHey Traders, in today's trading session we are monitoring GBPJPY for a buying opportunity around 172.900 zone, GBPJPY is trading in an uptrend and currently seems to be in a correction phase in which it is approaching the major trend 172.900 support zone. Fundamentally with the inflation concerns the market is pricing further rate hikes from BoE.
Trade safe, Joe.
USDJPY approaching support, potential bounce!USDJPY is approaching our first support at 111.22 (horizontal pullback support, 61.8%, 100% Fibonacci extension, 50%, 61.8% Fibonacci retracement) where a strong bounce might occur above this level to our major resistance at 111.57 (38.2% Fibonacci retracement).
Stochastic (89,5,3) is also approaching support.
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CADJYP LongLooks like a CADJYP long is lining up nicely.
Reasons;
Rejection on support level 3 times.
Possible pin bar candle forming.
Confirmation on indication of long position.
I want to wait to make sure this candle closes as a pin bar then tomorrow wait for a slight pull back before taking my long position.