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NZD/JPY Potential Upward Movement

NZD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 78.84, 79.52, 80.50

Key Support Levels: 77.95, 76.89, 75.60

Daily Chart:

The price on the higher time frame is trending upward inside a bullish channel. The pair posted a correction count toward the daily support around the 77.95 USD mark. This led to a move upward again in the same direction of the main trend.

NZD/JPY Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the pair succeeded to break the wedge formation to the upside where we expect a lower correction toward the support (previous resistance). This move could lead to a move upward toward the designated target profit.

Signal Idea:

Buy Limit Order @ 77.98

TP 1 @ 78.78

TP 2 @ 79.52

Stop Loss @ 77.57

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.

One comment

  1. Im following this trade, got in @ 0.7799. So far this trade is 30+ pips in profit and ive moved my stop loss to jus above break even to allow for my brokers spread. Looking forward to closing out 1/2 of my position(0.01) at the recomended TP1 abd riding the rest to TP2. Thanks for this trade idea.

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