NZD/JPY Daily Setup
The NZD/JPY currency pair is currently experiencing a healthy pullback following a significant decline of 1600 pips over the past 26 days. My key area of interest is around the 89.950 level due to several converging factors. These include a rejection point at 89.948, an ascending trendline originating from August 2023, the 0.786 level on the daily Bearish Fibonacci retracement, the psychological round number of 89.950, a descending trendline that started in March 2024, and the overall market structure.
Regarding the JPY Basket, it is also undergoing a pullback after advancing 38% over the last 25 days. I anticipate that the JPY Basket will react and potentially face rejection around the 6437 level.
Regarding the JPY Basket, it is also undergoing a pullback after advancing 38% over the last 25 days. I anticipate that the JPY Basket will react and potentially face rejection around the 6437 level.
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