NZDJPY lost all its gains from this week after RBNZ didnt show any signs of being hawksih this morning. NZDJPY had reached its monthly target (MR2) for bulls before it came tumbling down earlier.
this pair fell all the way down to role reversal on the H4 chart and also a 61.8 fib for bulls which is where bulls will be looking to buy this pair and push it up again but with all the yen pairs being very high and many traders just waiting for JPY to get strong so we can sell yen pairs, Bears will be waiting at around 78.615 on the NZDJPY which is a fib level for bears on this pair. bulls who are getting in now would wanna exit around this area and thats where bears will be eyeballing waiting for opportunities to sell. we shall wait for Sunday evening for next weeks pivot points to confirm what bears and bulls will be thinking.
we will also be watching the US 10 T Note and waiting for confirmation as to when yen pairs will be losing steam. T note is nearing WM1 which is a pretty strong level of support, we could see yen get strong around those level as risk off might come into play.
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Graduate in Bcom Human Resources Management. I am a full time Currency Trader and Market Analyst using technical and fundamental analysis, I have been trading in the Forex market since 2016. I am also a part time student at the University of Johannesburg studying Finance and Investment Management. I am always looking to learn and improve my skills as a professional, consistent and successful Trader & Investor for above average returns and a better understanding of the financial industry and financial markets.