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Nzdjpyanalysis

NZDJPY LongNZDJPY looks to be in a quite healthy trend at the moment. With the daily candles closing quite bullish, I believe we may still have a bit of an upside to see. We may very well be in a current Elliot Wave with this wave being the corrective wave number 4. A retracement to the .236 - .382 fib level would be nice to see & it could make for a nice R/R ratio, targeting the .786 - 1-1 fib extension as for our 5th wave. Should price break the .382 fib level, this EW probably may not be valid.
Long
by TkCha
Key level reachedThis pair had reached a key resistance level last week - 75.525 Since then price has rejected the new high by popping a wick to the up side pinning the resistance level: 1. I have noted the swing low at 75.000 as a short term support level 2. Note the marked support lower down at 74.400 3. As long as price is between the 75.525 and 75.000 range I will wait for price action to show clues of what to expect next 4. Shorts can be considered below 75.000 5. Long positions can be considered above 75.525 My explanation above carries a few possibilities so I await the market to make its move before making a call. More details to follow as things unfold
by Cmasterza
NZDJPY Potential Monthly Reverse Head and ShouldersShown in this example is the Monthly timeframe of the NZDJPY where we are currently sitting at the potential formation of a right shoulder in a reverse head and shoulders pattern. At the moment this market is showing respect for the low that was established at the left shoulder right around the 73.11 level. The ability for this market to stay above the left shoulder around the 73.11 level will increase the likelihood that the long term pattern will evolve. This sets up for a major long term move that would take NZDJPY all the way to the 98 level. A move below the left should around the 73 level will invalidate this idea. So for the expected move toward 98 this turns out to be a huge move the expected risk associated with the idea.
Long
by Andy_Garcia_CMT_CFTe
3