The NZD/JPY pair is still undecided in the short term. It moves somehow sideways but the buyers don’t have enough power to push the rate towards new highs. The Japanese Yen Futures rebounded, so the Yen could still try to appreciate.
From the technical point of view, NZD/JPY signaled that the downside movement is over and that the buyers could take the lead. Still, in the short term, the currency pair reached a strong upside obstacle, so we’ll have to wait for a fresh trading opportunity before taking action.
NZD/JPY Technical Analysis!
NZD/JPY failed once again to take out the weekly pivot point (80.49) level. It has registered another false breakout continuing to stay under the downtrend line. It’s traded in the red atr 80.18. Now is retesting the 150% Fibonacci line of the descending pitchfork.
After escaping from the descending pitchfork’s body and from the Falling Wedge pattern, NZD/JPY was somehow expected to develop a new leg higher. Technically, a valid breakout through the downtrend line and above the pivot point, a new higher high, could activate a fresh swing higher.
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