Get started

Nzdjpybreakout

Potential NZDJPY Moves on Weekly - Very TextbookThe NZDJPY has been making textbook moves for the past 5 or so months and nows the perfect time to see some changes. We had a wedge pattern forming, as well as a bat pattern within the wedge as a little reassurance to buy. Following the leg formed by the bat pattern, we turned around at the .618 giving us a very nice 2618 formation. Going on, theres now a couple of scenarios we could have here; 1. Long position continuing on with wedge pattern. - Look for a reversal around the NZDJPY 75.80 area. - Stop loss - just make sure you don't get a lower low lower close candle. If you do then close the trade and take the loss. - Take profit @ 78.04. Would recommend either trailing your stops as price goes up, or closing half your position @ 77.07 The other alternative; 2. Short position due to breakout. In this case; -When price gets to that 75.8 area, look for a lower low lower close candle (L3C). The magnified areas in the photo explain this. - You must wait for the close. Use the Daily chart to find the L3C candle. - Confirm the close on the weekly. There may be a retest of structure following the L3C so beware of a slight retracement.
by JoeyMvc
NZDJPY has made a bullish exit, potential for strong rally!NZDJPY has made a bullish exit of our descending channel and could rally strongly from here. A strong rally could occur above major support at 77.66 (Fibonacci retracement, horizontal overlap support, breakout level) towards 79.24 resistance (Fibonacci retracement, horizontal overlap resistance). RSI (89) has made a similar bullish exit signaling a change in momentum from bearish to bullish. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
NZDJPY approaching major support, prepare for a potential bounceNZDJPY is approaching major support at 76.08 (Fibonacci extension, horizontal swing low support, Elliott wave structure) and a potential bounce could occur at this level to drive price up to 77.66 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension). Stochastic (34,5,3) is seeing major support at 1.7% where a corresponding bounce could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
NZDJPY right above major support, prepare for a potential bounce NZDJPY is approaching major support and a potential bounce could occur at 79.45 (Fibonacci retracement, Fibonacci extension, Elliott wave structure) to push price up towards 80.51 (Fibonacci retracement, Elliott wave structure, horizontal overlap resistance). Stochastic (55,5,3) is seeing major support above 1.7% where a corresponding bounce could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
NZDJPY approaching major support, prepare for a bounce! NZDJPY is approaching major support and a potential bounce could occur at 79.45 (Fibonacci retracement, Fibonacci extension, Elliott wave structure) to push price up towards 80.51 (Fibonacci retracement, Elliott wave structure, horizontal overlap resistance). Stochastic (55,5,3) is seeing major support above 1.7% where a corresponding bounce could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
NZDJPY broken major channel, potential bearish reversalNZDJPY has broken our major ascending channel support triggering a potential bearish exit. Our major resistance level is at 80.40 (Fibonacci retracement, pullback resistance) and a strong reversal could occur from here to push price down towards 80.02 (swing low support, Fibonacci retracement) before 79.50 (Fibonacci retracement, Fibonacci extension, horizontal swing low support). Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
1
NZDJPY continues its rise NZDJPY has continued to bounce up perfectly as expected as it remains in our ascending channel. Major support remains at 80.57 (Fibonacci retracement, bullish channel support) with the next major level of resistance at 81.26 (ABC Fibonacci extension, horizontal swing high resistance). RSI (34) sees multiple bullish exits signaling that bullish momentum is still strong in this currency pair. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
NZDJPY remains in a strong ascending channel NZDJPY remains in a strong ascending support channel stretching back to the beginning of December 2017. Our first major support is at 80.26 (Fibonacci retracement, horizontal overlap support, channel support) and a bounce could occur at this level to push price up towards 81.25 resistance (Fibonacci extension, horizontal swing high resistance). RSI (55) sees major support at 44% which corresponds to the bullish ascending channel we have. Only a break of this major support line would trigger a bearish exit in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
1
Flag Pattern on NZDJPYHi guys, i've already predicted this rally on this pair a while ago. Now i'm assuming price will continue in the upward direction till it will reach a major structure level. However, with such a trending market it's difficult to get a decent retracement in order to hop on the trend. That's why i'm using this kind of simple pattern formation (flags, triangles, wedges) to have my entry here. As you can see price is now having a brief period of consolidation, but since the previous move was so bullish i'm expecting a similar move again. With a break and close above trendline you can use two type of entries. 1- Wait for a candle close above and then enter at market 2- Wait for a candle close above and a little pullback in order to get a better risk to reward ratio Sometimes you can also use a buy stop order. It all depens on your style of trading. I'll keep you updated. If you want to ask questions or make remarks, feel free to comment below. Otherwise, see you in the next chart!
Long
by Roker1
Using Simple Patterns with Trending MarketsHi guys, i've already predicted this rally on this pair a while ago. Now i'm assuming price will continue in the upward direction till it will reach a major structure level. However, with such a trending market it's difficult to get a decent retracement in order to hop on the trend. That's why i'm using this kind of simple pattern formation (flags, triangles, wedges) to have my entry here. As you can see price is now having a brief period of consolidation, but since the previous move was so bullish i'm expecting a similar move again. With a break and close above trendline you can use two type of entries. 1- Wait for a candle close above TL and then enter at market 2- Wait for a candle close above TL and a little pullback in order to get a better risk to reward ratio Sometimes you can also use a buy stop order. It all depens on your style of trading. I'll keep you updated. If you want to ask questions or make remarks, feel free to comment below. Otherwise, see you in the next chart!
Long
by Roker1
2
Is it the end of the downtrend on JPY pairs?Hey guys, i do not usually use trendlines in my analysis but sometimes they are useful in order to catch the early stage of a reversal, along with usual structure. The black line represents a strong daily structure that rejected price action as soon as it touched it. Therefore i'm assuming this could be a key point for a big reversal. Now, in this cases i wait for a break of structure to the upside in order to confirm my view: this time price broke both the trendline and the structure, giving us a strong clue on what it's going to do. Always remember that we don't want to chase price, instead we wait for it to come in our comfortable zones so that we can get a better risk to reward. As of now, i'm waiting to see what's price reaction to 618 level (together with some structure). I'll keep you updated. If you want to share your view, or ask questions, feel free to comment below. Otherwise, see you in the next chart!
Long
by Roker1
4