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NZD/JPY Potential Upward Movement

NZD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 79.145, 80.135, 80.140.

Key Support Levels: 78.113, 76.252, 76.200.

Daily Chart:

The price on the higher time frame is in a clear upward movement where a series of higher highs and lows has been posted. As we can see from the screenshot the market is about to close a pullback or correction (White Rectangle) and continue to the upside with a new impulsive wave.

NZD/JPY Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the price succeeded to break the bearish channel to the upside with the help of big bodied bullish bars. A lower correction could be seen to the highlighted zone before a new impulsive wave to the upside toward the target profit.

Signal Idea:

Buy Limit Order @ 78.133

TP 1 @ 79.130

TP 2 @ 80.135

Stop Loss @ 77.887

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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