NZDJPY Bulls & Bears Fighting To Gain Control At 75.000 Level!
This is the forex quote for the New Zealand Dollar vs. Japanese Yen exchange rate. NZD (the 'base currency') is quoted in terms of JPY (the 'counter currency'). The Yen is a historically low-yielding currency, making an attractive vehicle to fund carry trades (where traders borrow cheaply in JPY to buy higher-yielding currencies, including NZD). Investors tend to favor carry trades at times of optimism about global economic performance and stability; they shun them at times of market stress. This makes NZD/JPY sensitive to swings in broad-based market sentiment trends. The pair is likewise responsive to economic news - both domestic and that of key trading partners (notably China) - that shapes expectations for Reserve Bank of New Zealand monetary policy.
Source of above info: www.dailyfx.com/nzd-jpy
Looking at the daily charts, the price has been moving inside the wedge that has been held on many occasions, However the difference this time around is the presence of a strong psychological of 75.000 which is acting as a crucial support. Both bulls and bears are fighting to regain the control of the trend at the moment!. However both long and short scenario are possible for this pair but a LONG scenario is more favored in this case. For us to go LONG on this trade certain criteria needs to be met, First of all the daily wedge and EMA 50 needs to be broken followed by the retest of the 50 EMA on the daily charts.
The above chart represents the weekly chart, which also indicates that the price is confined in another wedge. If at all the criteria are met it would be wise to target the upper trend line on the weekly wedge for our TP levels. Or we could also target the EMA 50 on the weekly time frame for our TP levels.
The monthly chart above displays the levels of support and resistance for more info. The current price seems to be struggling on where to head next at the 75.000 crucial level. It remains to be seen if the bulls can take control of the situation which will most likely happen if the daily wedge is broken.
I will provide any signals pertaining to this pair once or if the criteria are met. Cheers
Follow me for more in-depth analysis and signals
Source of above info: www.dailyfx.com/nzd-jpy
Looking at the daily charts, the price has been moving inside the wedge that has been held on many occasions, However the difference this time around is the presence of a strong psychological of 75.000 which is acting as a crucial support. Both bulls and bears are fighting to regain the control of the trend at the moment!. However both long and short scenario are possible for this pair but a LONG scenario is more favored in this case. For us to go LONG on this trade certain criteria needs to be met, First of all the daily wedge and EMA 50 needs to be broken followed by the retest of the 50 EMA on the daily charts.
The above chart represents the weekly chart, which also indicates that the price is confined in another wedge. If at all the criteria are met it would be wise to target the upper trend line on the weekly wedge for our TP levels. Or we could also target the EMA 50 on the weekly time frame for our TP levels.
The monthly chart above displays the levels of support and resistance for more info. The current price seems to be struggling on where to head next at the 75.000 crucial level. It remains to be seen if the bulls can take control of the situation which will most likely happen if the daily wedge is broken.
I will provide any signals pertaining to this pair once or if the criteria are met. Cheers
Follow me for more in-depth analysis and signals