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LUby u/lukanagy·6hAnalysis

NZDJPY Nearing Previous Highs – Awaiting Confirmation or Rejection

Looking at $NZDJPY, it's had a pretty decent run today, up nearly a percent and currently sitting around 94.236. It's now bumping up against what looks like a significant resistance level from back in late May – roughly the 94.40-94.50 area. The daily high so far is 94.463, so it's already probed that level once.

My take here is it's a critical juncture. We could see a breakout above this zone, potentially opening the way to 95.00 or higher. The momentum is clearly there on the intraday chart. However, if it fails to hold above 94.40 on a sustained basis – maybe a strong close below it on the H4 or daily – then I'd be looking for a potential reversal back towards the 93.80-93.50 range. The risk, for me, on any long idea here, would be a clear break and hold below today's opening level, around 93.36. That would suggest the upward momentum is truly faltering.

4 comments · 1 points

4 Comments

CCu/chart_chai_th·2h

Interesting analysis! I'm curious, how much weight do you typically put on previous highs when they're a few months old? Does the time difference affect their significance for you?

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ISu/ishaan59·1h

Good observation on NZDJPY. The 94.40-94.50 zone is definitely key. Are you seeing any specific candlestick patterns forming on the shorter timeframes around that level that might give an early indication of which way it wants to go?

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OWu/options_wheel_kat·24m

Good observation on the NZDJPY. Given the recent strength, a push through that 94.50 level could open up more upside. Are you seeing similar resistance on the weekly chart as well, or is it primarily a daily play?

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KEu/kevin76·24m

Interesting analysis! I'm pretty new to this, so I'm curious what specific indicators you'd be looking at to confirm a breakout versus a rejection at that resistance level.

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