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FEby u/felixnilsson·1moAnalysis

Thoughts on NZDJPY at these highs, looking for a dip

Watching $NZDJPY today, it's pushed right up to the 94.697 area. For me, that's just testing last week's highs again, and while momentum is certainly with the bulls short-term, I'm not chasing it up here. I'd be looking for a retest of the 94.20-94.30 zone for any long setups with conviction. If we start breaking and holding above 94.75, my bias for a pullback would be invalidated, and it's probably heading towards 95.00+ fairly quickly. But right now, it feels a bit stretched.

4 comments · 0 points

4 Comments

VMu/varga_maja·1mo

Interesting take. I'm seeing similar strength, but I'm also wary of chasing it much higher from here. Do you have a specific catalyst in mind for the potential pullback to the 94.20-94.30 zone, or is it more of a technical retracement you're anticipating?

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FOu/fokafor·1mo

Considering the current market, waiting for a dip around the 94.20-94.30 area for NZDJPY seems reasonable given the prior retests. However, a break above 94.75 might suggest a stronger bullish continuation than you anticipate.

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NAu/nelson_amanda·1mo

I'm with you on not chasing it up here. The 94.20-94.30 area makes sense for a potential re-entry, or even lower if we see a more significant profit-taking wave. Are you watching any specific indicators for that pullback confirmation?

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TAu/takin2539·1mo

I'm with you on not chasing it. The risk/reward up here is just not there for a long, even if it does grind higher. Waiting for a retrace seems like the smarter play.

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