The price of NZDJPY has traded through key support as the JPY strength returns to the market. Will this provide trading opportunities on this pair?
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NZDJPY- JPY Strength Returns To The Market
The price of NZDJPY has recently broken down through a weekly bullish channel support. This break could suggest that bearish opportunities could follow. Investors often look at these technical analysis patterns for trading opportunities. The JPY strength in the market returned today suggesting the conditions have changed from a risk on to risk off environment.
The NZDJPY pair has been range bound between the 87.50 highs and 80.75 lows for 40 weeks. Price is currently trading within that range which also adds confluence to the price moving to the lows og 80.75. In a range bound market investors will look to trade from the highs to the lows to gain a profit.
The H4 chart shows sellers driving the price lower, this was after the price found resistance at the previous highs at 84.60. The Fibonacci retracement tool used widely by traders and analysts shows the 38.2 fib level lining up with previous support now turned resistance. This level could be a level where sellers re-enter the market.
Have you watched our EURCHF analysis? You can see it here.
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