FX:NZDJPY New Zealand Dollar/Japanese Yen
NZD/JPY continues its upside movement after rejecting the 87.15 support level with a pin bar candlestick. The overall trend for this market is still up as the short term (10 and 20 period) are still well above the long term (50,100 and 200 period). The pin bar candlestick pattern that pushed the price higher also pierced through the lower end of the and snapped back immediately showing that the bulls are not giving up anytime soon. The indicator is supporting the move higher and the is also slowly showing more strength to the upside. With all that being said, we could potentially see the price continue this upside movement in todays New York session. On the contrary, the price is showing some minor weakness, as levels from another, opposing, pin bar candlestick reject the higher price which we will need to be aware of. The current support level is at 87.15 and resistance level at 87.60. If the bulls continue to stay within this market, we could possibly see 87.15 resistance level once again being tested in todays New York session.