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Nzdjpylong

NZDJPY Potential Monthly Reverse Head and ShouldersShown in this example is the Monthly timeframe of the NZDJPY where we are currently sitting at the potential formation of a right shoulder in a reverse head and shoulders pattern. At the moment this market is showing respect for the low that was established at the left shoulder right around the 73.11 level. The ability for this market to stay above the left shoulder around the 73.11 level will increase the likelihood that the long term pattern will evolve. This sets up for a major long term move that would take NZDJPY all the way to the 98 level. A move below the left should around the 73 level will invalidate this idea. So for the expected move toward 98 this turns out to be a huge move the expected risk associated with the idea.
Long
by Andy_Garcia_CMT_CFTe
3
NZDJPY approaching resistance, potential drop! NZDJPY is approaching our first resistance at 74.08 (horizontal overlap resistance, 61.8% Fibonacci extension, 38.2% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 72.38 (horizontal swing low support). Stochastic (89,5,3) is also approaching our major resistance where we might see a corresponding drop in price should it react off this level. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
NZDJPY approaching resistance, potential drop! NZDJPY is approaching our first resistance at 74.15 (horizontal pullback resistance, 61.8% fibonacci extension, 38.2% fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 72.38 (horizontal swing low support). Stochastic (89,5,3) is also approaching resistance and a reaction off this level might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
NZDJPY approaching resistance, potential drop! NZDJPY is approaching our first resistance at 74.15 (horizontal pullback resistance, 61.8% fibonacci extension, 38.2% fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 72.38 (horizontal swing low support). Stochastic (89,5,3) is also approaching resistance and a reaction off this level might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by easyMarkets
1
NZDJPY approaching resistance, potential drop! NZDJPY is approaching our first resistance at 74.13 (horizontal pullback resistance, 23.6%, 38.2% Fibonacci retracement, 61.8% Fibonacci extension) and a strong drop might occur below this level pushing price down to our major support at 72.40 (horizontal swing low support). Stochastic (21,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
1
NZDJPY Approaching Support, Prepare For A Bounce!Buy above 72.68. Stop loss at 71.76. Take profit at 74.95. Reason for the trading strategy (technically): NZDJPY is approaching its support at 72.68 (100% Fibonacci extension x2, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce up to its resistance at 74.95 (61.8% Fibonacci retracement, horizontal pullback resistance). Stochastic (89, 5, 3) is approaching its support at 1.53% where a corresponding bounce could occur.
Long
by theforexarmy
NZDJPY approaching resistance, potential drop! Price is approaching our first resistance at 75.19 (horizontal overlap resistance, 23.6% Fibonacci retracement) where price might drop to its support at 74.66 (100% Fibonacci extension , 78.6% Fibonacci retracement , horizontal swing low support). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias. RSI (89) is also seeing a bearish exit and we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
NZD/JPY Technical AnalysisNZD/JPY started its downtrend rally in the mid of 2016. It made a strong reversal pattern of round bottom formation, but was not able to make a bullish crossover above the resistance of 83.741. Then it tried to make a trend reversal by forming an inverse head and shoulder pattern. Still, it was not able to make a bullish crossover. Two strong bullish reversal patterns have been negated by the bears which indicate their strong confidence. It was then followed by a continuation pattern of descending triangle, the highs (peaks) reduced constantly, but the lows (troughs) remained constant. It indicates that the bulls are not confident to buy at higher levels. If you are a moving average trader, then you can clearly see that the pair has consistently traded below 200 SMA too and it is acting as a strong resistance. Recently the pair witnessed strong rejections from 21EMA level with a gravestone doji. Both these are strong downtrend indications. Knockout vs Counterattack The pair has made a breakout below the long term support levels of 75.954. It was then followed by a hammer candlestick which indicate a fight back from bulls. So this week's closing price is going to make a long term impact on the counter. If it fails to close with a strong bull candle above the support zone, then the long awaited downward move becomes inevitable. Seems like an exciting final on the cards now. Bull’s counterattack vs bears knockout blow!! Stay tuned with us for more updates. Chart time: Weekly Yellow line:200 SMA White line:21 EMA Pink:Support,Resistance and Trendline
by traderpulse