Jump to content
Sign in to follow this  

NZDJPY offers good risk/reward If the set up completes.

Recommended Posts

With the medium-term outlook in NZDUSD still offering a mild downward bias, NZDJPY offers good risk/reward If the set up completes.

 

Weekly:  After a strong rally from Q4 2017 the cross has consolidated for the last four weeks. The close of this week’s candle will be important. A low close (below 80.00) and we have a bearish outside bar. This should lead to more downside movement towards the trend of higher lows at 76.30

NZDJPY IG W.png

 

Daily: Although we have broken the trend of lower highs, price action has formed an Evening Star. This often highlights the top of as trend.

NZDJPY D IG.png

 

Intraday (four hour) – Two scenarios:

  1. We move directly down to the 261.8% extension at 79.44 from 81.56-80.75. With bespoke support at 79.32, I think we will bounce from here and be able to gain a better short entry near 80.50
  2. We consolidate a move towards previous resistance at 81.30, this in turn making a right shoulder of a bearish head and shoulders pattern.

nzdjpy ig 4.png

 

In regards to the PIA analysis, no representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.

Share this post


Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Member Statistics

    • Total Topics
      12,797
    • Total Posts
      65,706
    • Total Members
      86,598
    Newest Member
    anassjbilou6
    Joined 26/10/20 19:43
  • Posts

    • Hoorah 😘  
    • This ...   to generate enough fear and despair to ensure this ... which is essentially a loss of national sovereignty and a loss of personal freedoms and liberties. In the future Google will tell you what's true or not, Zuckerberg will tell you what you're allowed to say or not, Greta will tell you what you're allowed to do or not while Gates will tell you which medical interventions and treatments will be mandatory or not.   Meanwhile back to Sweden ...   While in Wales you can look but you can't buy (this is what stupidity looks like) ...  
    • I see this quite often too.... not sure if these spikes happen in an instance ..
×
×