Could JPY further decline?
NZDJPY initially made a strong rally to 86.20 then pulled back and recently found itself stuck in a range between 84.40 and 85.20.
We saw JPY further decline yesterday after the Jackson Hole weekend and NZDJPY finally broke out of the 7 day range it had been consolidating in and the daily candle closed as a massive bullish engulfing above 85.20, signaling buyers were stepping back into the market.
We also broke out of the bullish triangle that was also forming.
The market is now retesting the broken triangle and also retesting 85.20 which was once resistance but now potential support.
Could this be the trigger for a continuation move up back to 86.20?
One for the radar.
We saw JPY further decline yesterday after the Jackson Hole weekend and NZDJPY finally broke out of the 7 day range it had been consolidating in and the daily candle closed as a massive bullish engulfing above 85.20, signaling buyers were stepping back into the market.
We also broke out of the bullish triangle that was also forming.
The market is now retesting the broken triangle and also retesting 85.20 which was once resistance but now potential support.
Could this be the trigger for a continuation move up back to 86.20?
One for the radar.
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Global risk Warning CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading in CFDs. You should consider whether you understand how CFD
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.