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NZD/JPY Potential Upward Movement

NZD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 78.61, 79.14, 79.50

Key Support Levels: 77.95, 77.40, 76.89

Daily Chart:

The price on the higher time frame was in a clear uptrend where the market is posting higher highs and lows. The pair posted a correction count to the 77.95 USD mark. Currently, the price is traded above this level and we expect a rally soon.

NZD/JPY Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price is trading inside a bullish flag where the price found buyers around the 61.80% Fibonacci retracement. A slight move to the downside might be seen, and a double bottom will be formed which will lead to a reversal and a move upward in the same direction of the main trend.

Signal Idea:

Buy Limit Order @ 77.97

TP 1 @ 78.61

TP 2 @ 79.14

Stop Loss @ 77.66

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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