The Battle for the 80 Inter-Bank Price Mark in NZDJPY
NZDJPY has been in a continuous uptrend since May 2020 after recovering from the fall in prices caused by the COVID pandemic. Asset flows out of the JPY into Risk Assets and Commodity Currencies has kept on increasing.
The Price has formed an Ascending Channel which started at the end of March 2021 as you can see in the Chart. Responsive Bears have always brought price back into the Channel anytime Bulls try to overshoot the Channel. These are the Two Red Circles at the top of the Channel.
The Price hit the 80 price mark in May 2021. The last time price was at this level was Three Years ago at the (Beginning of 2018). This Area is a Clear Inter-Bank Level and the Confluence around this level is so strong.
We have the Monthly Trendline Resistance and the Weekly Trendline Resistance in this Area. As expected, the Sellers took over at the 80 price level and have created a New Bearish Channel which is shown in the Chart (The Red Trendlines)
Remember that on the Higher Timeframe Charts, NZD/JPY has been in a Downtrend Channel since 2013 and now Price has gotten to the Top of the Downtrend Channel.
Have the Sellers taken control of the Market? The only way to find out is to observe the Price Action. We are at an Important Decision Point.
We are at the Bottom of the Channel. The Daily Pivot Centre is at 78.75. The Decision Point Area is the Purple Circle in the Chart.
Who will win? Will the Bulls maintain The Bullish Ascending Channel and push price up? or will the Sellers continue the Bearish Channel and push prices down?
Demand Zones are marked out on the Charts using the Blue Rectangles.
The Price has formed an Ascending Channel which started at the end of March 2021 as you can see in the Chart. Responsive Bears have always brought price back into the Channel anytime Bulls try to overshoot the Channel. These are the Two Red Circles at the top of the Channel.
The Price hit the 80 price mark in May 2021. The last time price was at this level was Three Years ago at the (Beginning of 2018). This Area is a Clear Inter-Bank Level and the Confluence around this level is so strong.
We have the Monthly Trendline Resistance and the Weekly Trendline Resistance in this Area. As expected, the Sellers took over at the 80 price level and have created a New Bearish Channel which is shown in the Chart (The Red Trendlines)
Remember that on the Higher Timeframe Charts, NZD/JPY has been in a Downtrend Channel since 2013 and now Price has gotten to the Top of the Downtrend Channel.
Have the Sellers taken control of the Market? The only way to find out is to observe the Price Action. We are at an Important Decision Point.
We are at the Bottom of the Channel. The Daily Pivot Centre is at 78.75. The Decision Point Area is the Purple Circle in the Chart.
Who will win? Will the Bulls maintain The Bullish Ascending Channel and push price up? or will the Sellers continue the Bearish Channel and push prices down?
Demand Zones are marked out on the Charts using the Blue Rectangles.