Long NZDJPY NZDJPY has approached the weekly and monthly support. Long on the Break of TL and retest of resistance.
Nzdjyp
NZDJPY Long trade before market changeThe NZDJPY has been in a bull trend channel on the daily and 4 hour charts for a while now. However, calls from the RBNZ to intervene may see the NZD decline soon which I think is likely, and that coupled with favorable risk sentiment from the BOJ will help such a move. But before that happens I think there will be a solid test of the 88.00 resistance level with a break of that level, a major psychological level as well, seeing further gains towards that 89.00 level before the change comes.
Technically, with price action again above the 20 EMA and the PPO above 0 a move back towards these levels soon is feasible. The Fisher Transform is also bullish and shows signs that a continuation is certainly possible.
NZDJPY New York Session WatchNZD/JPY continues its upside movement after rejecting the 87.15 support level with a pin bar candlestick. The overall trend for this market is still up as the short term moving averages (10 and 20 period) are still well above the long term moving averages (50,100 and 200 period). The pin bar candlestick pattern that pushed the price higher also pierced through the lower end of the bollinger band and snapped back immediately showing that the bulls are not giving up anytime soon. The parabolic SAR indicator is supporting the move higher and the MACD is also slowly showing more strength to the upside. With all that being said, we could potentially see the price continue this upside movement in todays New York session. On the contrary, the price is showing some minor weakness, as levels from another, opposing, pin bar candlestick reject the higher price which we will need to be aware of. The current support level is at 87.15 and resistance level at 87.60. If the bulls continue to stay within this market, we could possibly see 87.15 resistance level once again being tested in todays New York session.
