NZD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 77.71, 78.57, 79.00
Key Support Levels: 77.28, 76.22, 76.00
The price on the higher time frame succeeded to break the bearish trendline to the upside where it posted an engulfing bullish pattern near the 76.22 USD mark. The market as well managed to break a strong daily resistance around the 77.28 USD level and retraced to it along an inside daily bar.
NZD/JPY Medium-Term Trend: Bullish
On the lower time frame, the price posted a bullish head and shoulders near the strong support @ 77.28 USD mark. This pattern could lead to a reversal and a move to the upside in the same direction of the main trend.
Buy Limit Order @ 77.29
TP 1 @ 77.70
TP 2 @ 78.57
Stop Loss @ 77.14
Trade Safely 🙂