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New Zealand Dollar vs Japanese Yen

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NZDJPY.P trade ideas

NZDJPY BullishNZDJPY has tested its support successfully which seems strong and there is a mature divergence on 1 hour chart as well. Also the sentiments are unconvincingly bullish that means the sentiments are not what I could expect for a trend reversal. But As I follow the chart momentum more than the sentiments slight bullish sentiments are more reliable for than a strong sentiment. Plus there is a new Higher High on 1 hourly chart as well that puts me in a good position to put a buy stop order. Lets hope for good and jump right in and see how it goes. Thanks My Positions Buy Stop : 90.97 Stop Loss : 90.51 TP1 : 91.43 TP2 : 91.89
Long
by tayyabbarakzoi
1
NZD/JPYA "Bullish Engulfing" pattern is a bullish reversal candlestick pattern that typically forms at the end of a downtrend. Here's a brief overview: - **Formation**: The pattern consists of two candlesticks. The first candlestick is bearish (red or black) and the second candlestick is bullish (green or white). - **Engulfing**: The bullish candle completely engulfs the body of the preceding bearish candlestick. This means that the open and close of the bullish candlestick are both below the open and close of the bearish candlestick. - **Significance**: The Bullish Engulfing pattern is considered significant because it suggests a shift in market sentiment from bearishness to bullishness. It indicates that buyers have overwhelmed sellers, potentially signaling a reversal of the prior downtrend. - **Confirmation**: Traders often look for confirmation of the pattern through increased volume accompanying the bullish engulfing candlestick. Additionally, confirmation from other technical indicators or chart patterns can strengthen the signal. - **Trading Implications**: When a Bullish Engulfing pattern forms, traders may interpret it as a signal to enter long positions or to consider buying opportunities. However, it's important to consider other factors such as market context, support and resistance levels, and overall trend direction before making trading decisions solely based on this pattern. In summary, the Bullish Engulfing pattern is a bullish reversal signal that traders use to identify potential buying opportunities after a downtrend.
Long
by B9A-88652-NisarAhmad
NZDJPY SELL FX:NZDJPY The NZDJPY currency pair has continued to show strength as it tests the highs on the monthly time frame. The momentum appears to be in favor of the buyers on the long-term chart. However, on the 4-hour chart, there is a possibility of a pullback to the 78.6 level to retest an inverse head and shoulders pattern. This pattern suggests that the price could potentially continue its upward movement after the pullback if price rejects at the 78.6. Alternative Scenario: At the moment, the .50 Fibonacci retracement level is a crucial support level in the market. If the price manages to stay above this level, it is likely that we may see a potential retest of the previous highs or even a breakthrough beyond them. This level is critical for traders and investors to keep a close eye on as it could determine the future direction of the market.
Short
by TKProphet
NZDJPY: Favorable Buy Despite Near-Term LowsHello Everyone, The NZDJPY has recently hit its 1-month low at 90.364 and its 3-month low is at 88.636. Although it's currently at the day's low, there's a potential for it to approach the 1-month low again. Despite the current conditions, NZDJPY remains a favorable buy. This sentiment is supported by the 1-day to 1-year trend analysis. Notable resistance levels to monitor include 91.152, 92.168, and 95.215. TradeWithTheTrend3344
Long
by TradeWithTheTrend3344