NZDJPY remains supported by the ascending blue channel, with the recent rejection from the resistance area bringing price back toward the lower part of the current structure.
Price has now reached the blue support area, which also lines up with the lower boundary of the channel, making this a key area to watch for a reaction.
⭕With price currently testing this zone, we can start looking for buy setups on lower timeframes, targeting a potential recovery toward the resistance area.
⭕On the other hand, a break below the blue support and the lower channel boundary would weaken the current structure and provide an important indication that sellers could be preparing for a bearish breakout.
The reaction here should give us a clearer picture of whether this pullback is creating another buying opportunity or if the current range is starting to break down.
⚠️[ i ]Disclaimer: This analysis reflects my personal market view and is not financial advice.
Rayan Nasser
#NZDJPY #JPY #NZD #Forex #TechnicalAnalysis #PriceAction #Trading #MarketStructure #SupportAndResistance
Price has now reached the blue support area, which also lines up with the lower boundary of the channel, making this a key area to watch for a reaction.
⭕With price currently testing this zone, we can start looking for buy setups on lower timeframes, targeting a potential recovery toward the resistance area.
⭕On the other hand, a break below the blue support and the lower channel boundary would weaken the current structure and provide an important indication that sellers could be preparing for a bearish breakout.
The reaction here should give us a clearer picture of whether this pullback is creating another buying opportunity or if the current range is starting to break down.
⚠️[ i ]Disclaimer: This analysis reflects my personal market view and is not financial advice.
Rayan Nasser
#NZDJPY #JPY #NZD #Forex #TechnicalAnalysis #PriceAction #Trading #MarketStructure #SupportAndResistance
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.