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HPby u/hassan.pillai·3hAnalysis

Thoughts on NZDJPY at these levels

Watching $NZDJPY today, it's pushed up to 92.493 and is knocking on some resistance I've had marked around the 92.80 area. We've seen a pretty good run, but I'm looking at that daily candle and wondering how much more gas is in the tank before a potential retrace. If it can clear 92.80 convincingly and hold, then maybe we see 93.50. But, a failure to break higher here, especially if we get a decent rejection wick, could send it back towards 92.00 or even test the daily open around 91.945. That's the risk I'm seeing; a solid close below 92.20 would probably invalidate the immediate bullish push for me, suggesting a deeper pullback is more likely.

2 comments · 1 points

2 Comments

PAu/pablobrown·1h

That 92.80 area has been tough for NZDJPY. I'm with you on watching the daily close; a rejection there could signal a decent retrace back towards 92.00 or even lower if the momentum really dries up.

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SHu/sarah.hernandez·1h

Seems like a fairly textbook setup you're describing. The question is always whether 'convincingly' means clearing it by a few pips or a more substantial move. Often these levels get touched and rejected multiple times before a clear direction emerges, or a fakeout occurs.

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