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NZD/JPY Potential Upward Movement

NZD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 79.90, 80.33, 81.01

Key Support Levels: 78.79, 78.11, 77.68

Daily Chart:

The NZD/JPY currency pair is trading with a bullish bias at 79.58 level, violating the double top resistance level of 79.34 level. The pair has violated an ascending triangle pattern that’s extending buying trend in the pair on the daily timeframe. The pair is likely to go after the next target level of 80.793 in few days in the longer run.

NZD/JPY Medium-Term Trend: Bullish

2-hour Chart:

At the moment, the NZD/JPY pair is gaining support at the 79.320 level. On the higher side, resistance holds around 79.62 level, and violation of this range can extend the pair towards 80.142 and 80.748 level. Let’s set buy stop to capture a breakout.

Signal Idea:

Buy Stop Order @ 79.70

TP 1 @ 80.14

TP 2 @ 80.74

Stop Loss @ 79.32

Trade Safely 🙂

About Ali B.

Live Webinar Speaker & Derivatives (Forex, Commodities, and Indices) Analyst with the broad range of skills for evaluating financial data. Expert in investment trends, technical analysis, fundamental analysis, market sentiments, and trading psychology.

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