NZD/JPY Consolidation SetupThis pair has been ranging for a while now and were at a good place and risk to reward to look at this as a consolidation setup.
We are down near the bottom of the consolidation zone we've been stuck in, I'll be entering a long position to go back up the kumo which is near the middle of the zone.
If we fail to hold support at the bottom of the zone, this setup may become invalidated.
Kiwiyen
NZDJPY Potentially heading to pre-covid19 levelsTechnically
- On a strong resistance --> Hopeful to see slight retest before break up to levels before Covid-19
Fundamentals
- Risk on --> Economies around the world are opening up, this will potentially result to selloff in safe havens assets like Japanese Yen and Gold, this will likely result in medium term selloff of JPY against other countries currencies NZD in particular.
We are having a medium term bullish bias in the pair
NZDJPY Buy / LongHi traders,
NZDJPY is on an uptrend, creating higher highs and higher lows, the price on strong support area and the chance to go up and continue its trend is very likely; here is the setup:
NZDJPY Buy at 72.565
Stop Loss at 71.689
Target Profit at 74.462
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NZDJPY will drop untill october.This pair is into a great downtrend, we recently got an almost 2 weeks retracement ended by a high test candle right at the 50EMA level sending the price back in the down direction.
I believe it will continu to drop until the end of the month down to 0,67
Since we are a little bit late to enter on the daily chart i'll search on the intraday charts in the following days to catch the moove and sell this pair.
I'll publish updates here if i take a trade so if you want to follow just like this idea with the thumb or click on "follow this idea".
Here is the weekly chart, a bigger retracement would have been apreciated.
I've published very similar set ups in french on AUDUSD and CADJPY, i give you the links below.
Yen selling looks short-lived
By Andria Pichidi - June 17, 2019
NZDJPY has remained buoyant at 70.70 after bouncing from a 5-month low on Friday at 70.42, on Yen selling. This price action comes with there being little directional impulse in stock markets in Europe or Asia, but also as Kiwi leads gains since Asia Pacific trading amid better risk sentiment.
Markets are anticipating major central banks to maintain their accommodative policy postures if not to suggest a more dovish stance. The Fed, BoJ, and BoE all meet this week and though none is expected to change rates, market participants will be eager to gauge any shift in tone.
In Japan, the BoJ meets Wednesday-Thursday, and it is widely expected to maintain unchanged policy, attached with more-stimulus-if-needed-down-the-road guidance. Last week, Governor Kuroda told Bloomberg that the central bank had further tools in its stimulus toolkit, though he said further accommodation was not needed at the present juncture.
In data, Japan’s May trade report (Wednesday) should see the prior JPY 56.8 bln surplus flip to a JPY 1,000 bln deficit. May national CPI (Friday) should see overall inflation fall to 0.6% y/y from 0.9%, while on a core basis, we expect a 0.5% y/y reading versus 0.9% in April.
Both the BoJ and this week’s data releases are unlikely to have much directional bearing on the Yen. US-China trade tensions have taken a back seat ahead of next week’s G20 gathering, although the lack of preparatory ministerial-level meetings before the summit suggests that the best that could be hoped for is cordiality between the two sides. If not, the is JPY expected to resume its upwards path, driven by safe-haven demand.
Hence, the pair could return down to year’s lows. Today’s under-performance of the Yen reflects the overbought performance of the Yen so far, hence it looks like a correction of the trend.
As the asset moved to the upside so far today, and on the break of the latest up fractal at 70.71, further intraday incline is expected, with next immediate Resistance at 70.80-70.85 (50-period EMA in the hourly chart and midpoint of Friday’s bearish candle). Support is set at 70.60 (23.6% Fib level). A closing today above 70.85 could suggest the retest of a 20-day EMA at 71.40 within the week, however, this scenario looks doubtful, as intraday bullish candles look to shrink something that suggests that incline is already running out of steam.
Hourly momentum indicators have been improved, however, they are still negatively configured. The daily momentum indicators continue to signal further downwards movement for the asset, with MACD lines forming a bearish cross within the negative area and RSI close to 30.
Therefore, overall outlook remains bearish for the asset from the technical but also the fundamental perspective. Medium term Resistance is set at 71.20 (Friday’s peak), 71.40 (20-day SMA). Support at 70.35 (day’s low).
Andria Pichidi
Market Analyst
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NZDJPY, potential sell NZDJPY just touched the daily trendline which also meets my resistance area. As it couldn't break none of these successfully I'm expecting it to continue the downtrend.
In the other hand, the price has bounced on the 61.8 fib level which is also a good confirmation of trend continuation.
However, I'll wait until it breaks the previous uptrend to go short. If it breaks it, we could see a bearish move of 150 pips.
NZD/JPY APPROACHING MAJOR SUPPORTWe have seen this pair rally off this Major Support a number of times now. The Kiwi showed great strength in November where it had its strongest rally of the year.
Now that we are a approaching these levels where the rally started we can expect strong demand and high volatility.
NZDJPY - Intraday Setup - Possible Triangle Setup TradeHere is a possible textbook example of a triangle breakout trade. To be safe, always wait for a retest of the former support and then start adding positions. Remember to always put patience first and profits will surely follow. I have marked in the chart an invalidation area of this setup.
Kudos!
NZDJPY SHORT @ 86.08, 88.29 AND 90.46With the current sell off of the Kiwi, we are approaching an area where there could be a reversal.
This ties in with the the EURNZD and AUDNZD pairs that also show an area of possible reversal.
Price may rebound between the areas marked out by yellow boxes.
The sharp drops from the yellow boxes above (supply zones) tell us the pair could rebound upon returning to that area.
Drop at 86.08
EP: ~86.080
SL: ~86.780
TP: ~84.080 (R/R: ~4.5:1)
Drop at 88.29
EP: ~88.290
SL: ~88.510
TP: ~86.050 (R/R: ~7.0:1)
Drop at 90.46
EP: ~90.460
SL: ~90.800
TP: ~88.510 (R/R: ~7.0:1)