TheDayzen

NZD/JPY Full Analysis Update

OANDA:NZDJPY   New Zealand Dollar / Japanese Yen
Good day Traders !! On this multi-timeframe analysis we will make a full breakdown of this pair.

Monthly : We Have an overextended "W" Formation and we expect a retracement at least to the 0.382 FIB level or to the neckline .

Weekly : We also have an "W" formation as well and we just completed the pattern.

Daily : We have a rising wedge so we expect to retrace to the neckline level and also we can see a head and shoulder forming.We are currently sitting at a strong area of support and we do have a Demand zone below that we can be targeting to grab more liquidity for the next impulse .

COT : Institution have been decreasing net positions in JPY since they closed more than 8500 long positions and added to 1100 Short position during the last report.
From an NZD perspective we are still looking at a steady NZD because hedge funds closed almost the same amount of long and short position and their net position only went from 11647 to 11544 which mean that there is still buy limits that needs to be filled and that explain the corrective move that we are expecting before the impulse .

8H:We are still in a bullish environment and we are in an accumulation phase before the drop due to the correction.

Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset. You can also leave a comment and let me know which pair you'd like me to analyze in my next idea.

Trade safe !!!

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