NZDJPY: Retracement Movement Happening...What to look out for???
We managed to see 71.20 resistance level being broken with price level now moving within a new phase. The next strong resistance level for NZDJPY will be 73.28 price level. However, for a test to this level, I will be expecting BULLISH strength to build up.
Is this BULLISH breakout confirmed?
As of now, it will relies on further price movement. I will be looking for a retracement to the broken zone, which is also the 38.2 fib level. If we managed to see a rejection from 38.2-50.0 fib level, we can confirm that BULLISH continuation will occur. If a BEARISH continuation move price level beyond that point we will still respect the old support and resistance level. For now, I will open a short position till 38.2 fib level before deciding the further movement for NZDJPY. I will update again once price level moves closer to that zone.
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Is this BULLISH breakout confirmed?
As of now, it will relies on further price movement. I will be looking for a retracement to the broken zone, which is also the 38.2 fib level. If we managed to see a rejection from 38.2-50.0 fib level, we can confirm that BULLISH continuation will occur. If a BEARISH continuation move price level beyond that point we will still respect the old support and resistance level. For now, I will open a short position till 38.2 fib level before deciding the further movement for NZDJPY. I will update again once price level moves closer to that zone.
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.