I had a trade plan on this pair sometime last week. It was solely based on a technical analysis I did. Should we break the monthly pivot look for pull backs on lower time frame charts. Here’s the initial plan: NzdJpy Long Setup
NzdJpy Daily Chart
Price has moved just over a 100 pips since we had a buy off at 79.200. It is currently at a key level of resistance at MPP (80.500). Though there are bears at this level, I am anticipating to see a break beyond the central pivot which would take us all the way to another key level of resistance at 81.00.
NzdJpy H4 Chart
Price has been ranging for most of the week. A move that broke the top of the range was recovered during the Asian session. A break and retest at 80.500 would be a good opportunity to buy.
NzdJpy H1 Chart
Price came off today's DM2 pivot, my entry is from yesterday's DPP, a break at DR2 is what I am waiting for. The next level of resistance is seen at 81.000
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About The Forex Analyst
I just think to myself at times that hey young man, some of best the best days of your life haven't happened yet, and man what a wonderful feeling it is.