FXtrades-gp

NZDJPY: Is the price COLLAPSING under its TRENDLINE?

Short
FX:NZDJPY   New Zealand Dollar / Japanese Yen
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🟢Forex Pair:
NZD/JPY

Technical Analysis:
Since November 2020, the price has been moving following an interesting ascending channel , reaching its main resistance zone at about 75.540 on the 8th of January 2021.
The price then collapsed, bouncing back on its main trendline but not able to reach again the previous level.
It has currently re-testing the trendline and the next price action around that area will be essential to understand a possible breakout.

🔴Conclusion:
Overall, the NZD is giving us a short opportunity, the market is showing clear signs of weakness and I'm confident to see an upcoming breakout of its trendline.
I'll be waiting for the price reaching the level at about 74.000 before planning my short position on this trade.

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

I like how you've tackled this analysis.
+1 Reply
@abel11, thanks abel! my pleasure! :)
Reply
amazing stuff, thank you
+1 Reply
FXtrades-gp Investroy
@Investroy, many thanks!
Reply
Let's see if it can break down the support !
+1 Reply
FXtrades-gp Fisher_Fx
@Fisher_Fx, yep! hopefully yes! :)
Reply
thank you so much for this update
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, you're welcome Rich! thanks for ur support
Reply
Nice view, keep it up
+1 Reply
FXtrades-gp Dave-FX-Hunter
@Dave-FX-Hunter, many thanks! :)
Reply
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