NZDJPY is heading down for 4 days consecutive. Yet, the pair is now right above strong support zone. It seems that NZDJPY is building a triangle formation on a daily chart, which might be both a formation of continuation or reversal.
Longterm trend is still bullish and current price action encourages for going speculatively long. Tomorrow we will have a cleaner picture of the situation. If NZDJPY creates a pinbar in this particular place it will be needed signal for bulls to buy the pair.
Our bullish view is supported by Stochastic oscilator which is now really near the oversold area.
Longterm trend is still bullish and current price action encourages for going speculatively long. Tomorrow we will have a cleaner picture of the situation. If NZDJPY creates a pinbar in this particular place it will be needed signal for bulls to buy the pair.
Our bullish view is supported by Stochastic oscilator which is now really near the oversold area.
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