NZDJPY: Critical juncture
Updated
NZDJPY had a potential short setup under resistance but it's proven to a very strong advance so far.
I'd like to see a new mode build higher, for at least the local leg that started from the last 5 bar low in the daily.
We could buy a breakout above resistance if it expands range and closes above the red box too.
It's very hard, emotionally, to buy into strength, but if NZDJPY proves it can break the resistance above, I'd be tempted to consider it possible to retest the 13 week downtrend signal's mode, from where the decline started, by November 20 to 27th.
See the weekly chart below to better illustrate the current scenario.
Cheers,
Ivan Labrie,
Time at Mode FX
I'd like to see a new mode build higher, for at least the local leg that started from the last 5 bar low in the daily.
We could buy a breakout above resistance if it expands range and closes above the red box too.
It's very hard, emotionally, to buy into strength, but if NZDJPY proves it can break the resistance above, I'd be tempted to consider it possible to retest the 13 week downtrend signal's mode, from where the decline started, by November 20 to 27th.
See the weekly chart below to better illustrate the current scenario.
Cheers,
Ivan Labrie,
Time at Mode FX
Note
New 8 bar mode higher, now monitoring for a time at mode long signal.
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