NZD/JPY - potential long opportunity. If the market retraced back down to the lower support level. A long (buy) opportunity will then become available. As you can see from the chart analysis. This currency pair has bounced off this support level, every time since 2009. this further supports a possible long entry.
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A bullish reverse Head and Shoulders has formed.
Bespoke support is located at 72.25.
Positive overnight flows lead to an expectation of a firm open this morning.
Dips continue to attract buyers.
Further upside is expected although we prefer to set longs at our bespoke support levels at 72.25, resulting in improved...
. There is a possibility of temporary retracement to suggested support line (71.500). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. NZDJPY is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
AudJpy has put a small head and shoulders, likely seen on the lower time frames better but it comes at a decent level of support and we actually have a violation of the outside return aswell so can be an aggressive long to take if we get a pullback and look to ride it up.