1
KIby u/kittipongsangthong·20mAnalysis

NZDJPY Nearing 94.50 and Potential Exhaustion

Been watching $NZDJPY today and it's certainly had a run, up about 0.90% at 94.227 as of this writing. It's approaching that 94.50 zone, which on my charts looks like a fairly significant resistance level that's held a few times over the last couple of months. We've seen it bounce off there before, notably mid-May and then again early June.

Now, momentum is clearly with the bulls today, pushing up towards the daily high of 94.463. The question for me is whether this move has enough gas to punch through that 94.50-94.60 area and sustain it. A clean break and hold above 94.60 would invalidate the current resistance scenario I'm looking at and could signal a continuation towards the 95.00 handle. However, if it stalls around these levels and starts to show some rejection candles on lower timeframes, it wouldn't surprise me to see a pullback. Just an observation, not committing to anything just yet.

0 comments · 1 points

0 Comments

No comments yet. Be the first.

More like this