Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, Head Currency Analyst.
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In this video, we’re going to take a look at some JP Yen pairs as the market is starting to push to the upside. I’m beginning to see a little bit of a trend forming out of these pairs.
The reason I’m looking at JP Yen pairs is that the stock markets are continuing to climb. If we take a look at the Dow, for instance, we started to push to the upside after the price found a bit of support, here. We’ve also got the likes of the Footsie moving higher and the Nasdaq pushing higher as well.
The stock market is rising. It usually means that the JP Yen well sell-off and one market that looks good, in particular, is NZD/JPY. We’re already buying Kiwi against the EUR and against the US Dollar. But, look at this against the JP Yen: we started to see a little bit of breakout of some key highs. You can see that the market pushed lower, and it was in a little bit of range. The market is finding a bit of support, here, and is now breaking to the upside. It is breaking through this high, here, which suggests that we could see some further upside to this market, at least back up into these swing highs, there, just mark this out.
If we take a look at the resistance zone first, around this 7166, all the way down into this 7132. That area, there, would be an area I’d like to target on the move to the upside.
The next step, now that we’ve broken through this structure high, is to look for an area of support. And this area is looking quite good because the market wicks into this area, dropped lower, and found some resistance yesterday, here, and it has broken through since. It’d be a good little shelf on the four-hour timeframe if you’re looking for a buying opportunity.
We can see, here, the zone looks a little bit like this. What we can look for is a pullback into this level. If that daily candle closes bullish, we’re going to be looking for the market to pull back into this zone, diving into that lower timeframe and then looking for that change in the cycle with a long opportunity, up into the 7130 area.
NZD/JPY is looking pretty good. We just need to see that daily close above this swing high, here. That will allow us to buy the market.
The other one I like is GBP/JPY. The market hasn’t closed above the highs yet. We have one close, waiting for a second close now, but the market is currently pushing to the upside.
If we look at the four-hour timeframe, we are starting to trend up, slightly. If the price can come back and retest these highs, here, there may be an early opportunity to get long. What I’d be looking for is a change in cycle on the 15-minute timeframe, like we had down here. If the market pushes lower, breaks through these highs, and rallies to the upside.
What I do want to see is the same again. If the market’s trending lower, here, I want to see those double-bottom patterns in things like that to be a buyer of the market once again.
But the JP Yen pairs are looking pretty good. I like the idea of NZD/JPY long. I’m waiting to see how this daily market closes and see if we can get that bullish close.
I hope you enjoy this video update. If you did, please like and subscribe to the YouTube channel for more trading content and I’ll catch you soon.
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