NZD/JPY Correction Could Be Over

NZD/JPY Correction Could Be Over

NZD/JPY was in a corrective phase but the rate seems oversold at the moment of writing. The price is located below strong dynamic resistance levels, so we have to wait for confirmation.

The bias is still bullish despite the last decline. The Nikkei’s temporary decline helped the Yen to increase versus its rivals. JP225’s potential growth could force the Japanese currency to lose ground versus its rivals.

NZD/JPY H4 Technical Analysis!

NZD/JPY dropped after failing to reach the ascending pitchfork’s upper median line (UML). Now it has found support below the median line (ML) and it could pressure the immediate resistance levels.

Its failure to reach the S1 (78.423)  or to retest the descending pitchfork’s median line (ml) signaled a potential rally. Taking out the resistance levels and closing above the weekly pivot point (79.109) could activate a strong growth.

Conclusion!

A valid breakout above the 79.109 pivot point could announce more gains in the short term.

Join the VIP Group HERE!

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.

NZD/JPY More Declines In View!

NZD/JPY More Declines In View!

NZD/JPY changed little today, so it stands at 78.07 level at the momentum of writing. It has registered a strong sell-off on Friday and now it hovers above 77.93 level. The Japanese Yen could take full control again if the Nikkei drops again.

Technically, the price action has signaled that the pair could develop a corrective phase in the short term. It has increased to retest the immediate resistance levels after finding temporary support.

NZD/JPY H4 Technical Analysis!

NZD/JPY retested the 78.37 broken support, the ascending pitchfork’s median line (ML), and the weekly pivot point (78.42). Registering a valid breakdown below the 77.93 level may signal a further decline.

The pair failed to stabilize above the ascending pitchfork’s upper median line (UML) indicating that the bulls are exhausted. The breakdown from the ascending channel and its failure to retest the broken downtrend line signaled strong pressure.

Still, NZD/JPY could increase a little in the short term before resuming its drop. A new lower low may activate a broader correction.

Conclusion!

NZD/JPY seems undecided in the short term, that’s why it could move sideways. Technically, I believe that a valid breakdown through 77.93 static support, former low may activate a deeper drop.

The bearish scenario could be invalidated by a new higher high, jump above 78.50 and beyond the median line (ML).

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.