NZD/JPY Preparing to bounce, keep an eye on this pair 👀This pair is testing support, could it be ready for its next move. Let's wait and see.
Nzdjpyidea
NZDJPY Top-Down AnalysisHello Traders,
Here is the Top-Down Analysis of NZDJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 42 - 12 Oct
M > Market is moving in a downward channel, price dropped from resistance of channel.
W > Price tested resistance level thrice and faced rejection creating triple top. We can see a W formation and expect price to drop and test its neck. However after last rise price is moving in a range of about 300 pips.
D > After last rise to test monthly resistance level price created LH and LL but with last daily candle price has broken last LH. It is now approaching daily resistance and we can expect a reversal.
As per COT NZD had closure of few Long and major Short increasing net positions, confirming strength of ZXY for the said week. Short positions have reduced to least in current year. ZXY has been gaining strength slowly since June 2020. ZXY improved its position last week. JPY had closure of Long and addition of Short reducing net positions, however Commercials added both Long and Short positions, increasing open interest. This made JXY slightly recover its position for the said week. However JXY was indecisive last week ending with Gravestone Doji.
We cannot expect long term bearish move unless JPY gains strength and ZXY weakens.
4H > We will observe price action at current level for reversal, however market can continue moving upwards to test monthly resistance again.
Pair Correlation > NZDJPY has positive correlation with NZDUSD, AUDJPY, NZDCHF, AUDCHF and AUDUSD and negative correlation with USDCAD, EURNZD and EURAUD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
NZDJPY Top-Down AnalysisHello Traders,
Here is the Top-Down Analysis of NZDJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 06 Oct
M > Market is moving in a downward channel, price dropped from resistance of channel.
W > Price tested resistance level thrice and faced rejection to create triple top. We can see a W formation and can set its neck as a target.
D > Price has not been able to break daily support level for the second time, we have a triple bottom. Price has now retraced to previous support, now turned resistance and expect it to make another attempt to the downside.
As per COT NZD saw addition of few Long and more Short reducing net positions, confirming weakness of NZD for the said week. ZXY improved its position last week. JPY had closure of both Long and Short reducing net positions, this made JXY weak for the said week. Whereas JXY slightly recovered its position last week.
4H > Price is currently making HH and HL and is now testing daily resistance. We need to monitor price action for reversal.
Pair Correlation > NZDJPY has positive correlation with NZDUSD, AUDUSD, AUDCHF and AUDJPY and negative correlation with EURAUD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
NZDJPY is in uptrend and approaching Price action levelNZDJPY
After peaking the September month high around 72.00 which is a key psychological level its felled towards 68.640 which is a low volume area and find some buyers and making series of Higher high higher low patterns.
From Sep-09 to Sep-18 it was trading in a range and felled below the range. I have marked some levels are acting as accumulation and distribution phases after some consolidation phase its moved in a massive way.
The price is currently in a consolidation range at around 70.00 key psychological level. From this level we can expect bullish run towards 71.200 which is price action level where we can see a series of upper side rejection.This level is coordinated with 78.6% Fibonacci level
The price is currently trading within a.50 and .618 Fibonacci levels.As its reached the upper side of the .50 Fibonacci we can expect a minor correction towards .382 Fibonacci and from this level it will go bullish.
The 03 Exponential moving averages which is 50,100,200 are holding as support for the bull.
In Elliot wave theory the 4th impulse wave is completed and the 5th wave is underway. relative strength index has reached the 60 level and MACD histogram showing a starting of the bullish trend.
Ichimoku cloud is acting as support for the bull as its managed to float above the cloud.Buying NZDJPY around 69.900 with the target of 71.150 will give a nice risk reward ratio. Stop lose may placed below the 4th Elliot wave end point which is 69.600
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NZDJPY📉Price is currently testing a long term downtrend resistance. The price action brokeout below the pullback trendline support and it's currently consolidating( ranging) in a rectangular pattern. A break below the range support could lead to further dip.
NZD/JPY Technical Analysis.Currently, NZD/JPY is trading at 69.60. The pair is trading in a resistance and support channel from some time and now moving towards the support level at 69.00. It may rebound back after touching support level to again move towards resistance level at 72.00. Until it breaks resistance or support level, it will hover in this channel. So, do have this pair in your watch list and wait for the right price to enter.
Follow proper risk management strategy to avoid unnecessary losses and to increase profitability, don't risk more than 2% of your capital on each trade.
Do follow us for future Forex trend analysis and Ideas.
Thank you,
Rishikesh Lilawat
NZD/JPY Technical Analysis
The zone of 71.100-200 proves to be a tough nut for the pair.
Despite multiple attempts, the price is unable to break above it.
Further, the price action has formed an evening action star pattern at the resistance zone.
Hence, we expect the pair to be bearish in the near-term.
NZDJPY, 4hr tf, buy above the kumo as long legged doji appearsHello my friends,
Today another setup on JPY pairs. This time it is NZDJPY.
I found a good buy setup for this pair as there are some confirmations appeared which consist of:
1. Parabolic SAR now below the price indicating buying pressure
2. Price above the kumo cloud
3. Kumo cloud is green colored
4. Long legged doji which is a price action confirmation
Buy NZDJPY 71.15
Stop loss 70.80
Take profit 1 @71.50
Take profit 2 @71.85
Take profit 3 @72.20
RR ratio is 1 : 3
Use only 1-2% risk
Good luck
Disclaimer : I bought NZDJPY at 71.15 as per this writing
NzdJpy- False break can lead to a steep dropLast week NzdJpy traded for just one day above 71.50 resistance. The break proved to be a false one and a strong bearish engulfing followed.
Usually, false breaks announce strong reversals and I expect the pair to drop to recent rage support at 69 zone.
Sell trades around 71.50 have a great R:R
NZD/JPY - ForecastAs you can see NZD/JPY recently broke above the consolidation/Ranging level. and has RETESTED it.
Now we need to see if this was a fake breakout or it will actually continue in Buy.
if it comes back in the consolidation range then it was a fake breakout BUT if it breaks above the previous structure at around 71.950 then it should continue going up till next resistance level which is at around 73.45.
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If you have a better idea or you disagree with me then please let me know in the comments
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Short Position on NZDJPY 4HHello Traders!
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🚀Sell Execution according to the market.
NZDJPY short for 100 pipsHi traders,
As you can see this pair has reversed somewhat and currently trading below 50 EMA. We have seen a pullback with a bearish candle which suggest we might see another push down to make a double bottom at least if not more. I have therefore gone short on this and marked tp and sl for you as well.
Let me know your thoughts.
Trade safe and good luck.
NZD/JPY Wave Analysis
The counter is currently formed a flat ABC corrective wave.
It broke out from a bear flag pattern, tested the broken support, and is now coming down with strong momentum.
Hence, we expect the pair to be bearish in the near-term.
NZDJPY long trade ideaPlan: resistance level breakout --> wait for the price to bounce off from support level --> wait for the rejection candle pattern to form e.g. bullish engulfing, pinbar, etc --> BUY
**Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together.
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Thank you for your support ;)
GWBFX
NZD/JPY Technical Analysis.Currently, NZD/JPY is trading at 70.11. The pair is consolidating in the resistance and support wedges. The pair may start a new uptrend, if it breaks the resistance level at 70.43, likely the pair might consolidate further for some time. If the pair starts a new uptrend after breaking the resistance level, then its first target price will be at 71.61 and the second target price will be at 72.33.
Follow a proper risk management strategy to avoid unnecessary losses and to increase profitability, don't risk more than 2% of your capital on each trade.
Do follow us for future Forex trend analysis and Ideas.
Thank you,
Rishikesh Lilawat
NZD/JPY Technical Analysis.Currently, NZD/JPY is trading at 70.24. The pair is consolidating in the ascending triangle resistance and support wedges. The pair may start a new up trend if it breaks the resistance level at 70.43 and it is possible that the pair may continue its consolidation between resistance and support wedges. If the pair starts a new up trend after breaking the resistance level, then its first target price will be at 71.16 and the second target price will be at 71.61.
Follow a proper risk management strategy to avoid unnecessary losses and to increase profitability, don't risk more than 2% of your capital on each trade.
Do follow us for future Forex trend analysis and ideas.
Thank you,
Rishikesh Lilawat
NZDJPYGutted I did not take the AUDJPY trade I called last week...been very busy so not much chance to trade!.
This is what I am looking at for NZDJPY!
I will not be breaking down my charts or be giving in depth reasoning into why I have a bias on a trade. I feel this encourages people to take trades all over the place hoping one will come through because it sounds right! Trust in the process.
Never look to my trades for a signal...I'm not responsible for any of the trades you take.
Have a blessed Sunday!
NZDJPY - BEARISH BIAS#NZD - Bearish Mode
Recap:
1️⃣ U.S.-China tensions were once again a focus after China ordered the closure of a U.S. consulate in Chengdu and US Secretary of State Mike Pompeo urged China’s citizens to help ‘change the behaviour’ of their government.
2️⃣ Negative performance was driven mainly by global risk sentiment moves.
Review:
1️⃣ It’s another quiet week ahead on the economic calendar. Away from the numbers, private sector PMIs from China, COVID-19, and geopolitics will remain in focus.
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#JPY - Bullish Mode
Recap:
1️⃣ A weakening U.S Dollar stemming from the progress towards a COVID-19 vaccine supported the Yen. Also, this currency had been supported by risk aversion sentiment due to US-China tensions.
Review:
1️⃣ Progress towards a COVID-19 vaccine would pin back any upside in the Yen. Support could come from the U.S administration, however.
NZDJPY / SHORT IDEA / STILL BELIEVE THIS WILL TAKE A TUMBLEI believe this will take a big fall, price appears to be heading towards its previous high and is moving away from my key level
I am going to wait until price breaks this support zone and the trend line before selling
