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Watching NZDJPY at 93.00, potential for pullback
Been looking at $NZDJPY today and that push above 93.00 seems to be struggling a bit. We've hit 93.02 today and just stalled. It's not a major resistance level historically speaking, but it's a nice psychological round number. The daily range from 92.648 to 93.02 isn't huge, but the close will be interesting. If we can't maintain above 93.00 into the close, I'd be looking for a potential pullback towards 92.70 or even 92.50 in the next session.
The risk to this view is a solid break and hold above 93.02. A strong close, say, at 93.15 or higher, would suggest the bulls are firmly in control and this pullback scenario is invalidated. Just my thoughts, don't take it as gospel.
1 comments · 1 points
Ah, the ever-powerful 'round number' resistance. It's amazing how much gravity those tend to have, even when the charts tell a different story. Good call watching the close; sometimes the market just needs a good night's sleep before making up its mind.