NZD/JPY 100 PIP BULLISH RUN TO 76.50 ???
On the higher timeframes such as the daily chart we can see that NZDJPY seems to be consolidating between 75.00 and 76.50.
We can see that on Friday price closed giving us a decent low test candle on the daily bouncing off our support level (75.00) forming a beautiful double bottom pattern. Ideally we would of wanted the body of the candle to be smaller or a longer wick as this would of given us more bullish confirmation. However with the MA (moving average) acting as a dynamic support, rejecting price on Thursday and Friday I am happy to remain bullish on this pair.
Moving to the lower timeframe we can see a strong descending trendline on the 1HR chart that has held nicely over the past week. However, during Fridays session we can see a break of our trendline. The move wasn't drastic but the break and retest of our Moving Average gives me more reason to believe this is not a 'Fakeout' move. My intraday S/R Level of 75.50 was also broken and retested adding confluence.
During the next week we could see price push towards the 76.50 area with a nice 100pip bullish run.
We can see that on Friday price closed giving us a decent low test candle on the daily bouncing off our support level (75.00) forming a beautiful double bottom pattern. Ideally we would of wanted the body of the candle to be smaller or a longer wick as this would of given us more bullish confirmation. However with the MA (moving average) acting as a dynamic support, rejecting price on Thursday and Friday I am happy to remain bullish on this pair.
Moving to the lower timeframe we can see a strong descending trendline on the 1HR chart that has held nicely over the past week. However, during Fridays session we can see a break of our trendline. The move wasn't drastic but the break and retest of our Moving Average gives me more reason to believe this is not a 'Fakeout' move. My intraday S/R Level of 75.50 was also broken and retested adding confluence.
During the next week we could see price push towards the 76.50 area with a nice 100pip bullish run.
Trade closed: target reached:
TARGET HIT!