The weekly chart remained bullish on NZDJPY giving us further trading opportunities higher.
The daily chart offered us support at 75.50 and with price forming a double bottom pattern on the 1hr chart,
we can look for a re-test of the neckline before moving higher. Make sure stops are below lows and target
the range highs.
50% of the big bearish engulfing candle has been hit 3 times
Strong price reversal zone marked out at 50% of the bullish engulfing candle
So we could see a retest of that zone to break to the upside which would be an MA bounce and could give us 2 entries/stack zones
View On NZD/JPY (14 Apr 2019)
Back Ground: The pair is using 75 as a support region to bounce UP. It shall go higher first to 75.5 and 75.9 first.
Target(s): UP 75.5 (TP1), 75.9 (TP2), 76.2 (TP3)
SHTF: 74 as strong support.
DYODD, all the best and read the disclaimer too.
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. There is a possibility of temporary retracement to suggested support line (75.2). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. NZDJPY is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.