The NZDJPY is nearing to confirm a breakout consolidation. It all boils down to a daily close below 69.90
The recent run of the pair was halted by the double top formation which is driving prices down. with the double top confirmation and the break down of the rising trendline, the pair lost about 180 pips within 5 trading days and consolidated for about 3 weeks between the neckline of the double top and a resistance turn support of a double bottom. Today the support zone that is holding price for about 3 weeks is being tested.
On the 4H chart we have a confirmed break but as it stands it all boils down to daily close. A daily close below 69.90 would target 68.830.
The recent run of the pair was halted by the double top formation which is driving prices down. with the double top confirmation and the break down of the rising trendline, the pair lost about 180 pips within 5 trading days and consolidated for about 3 weeks between the neckline of the double top and a resistance turn support of a double bottom. Today the support zone that is holding price for about 3 weeks is being tested.
On the 4H chart we have a confirmed break but as it stands it all boils down to daily close. A daily close below 69.90 would target 68.830.
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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.