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NZD/JPY Potential Upward Movement

NZD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 77.71, 78.57, 79.00

Key Support Levels: 77.28, 76.22, 76.00

Daily Chart:

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

1-Hour Chart:

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.

Signal Idea:

Buy Limit Order @ 77.29

TP 1 @ 77.70

TP 2 @ 78.57

Stop Loss @ 77.14

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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