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#NZDJPY was highlighted by the strength meter for a reversal this week and the current price action could show a potential long trade idea forming.

Watch the video to learn more…

NZDJPY Long Trade Idea

NZDJPY forex chart of the day

The strength meter this week shows us that the Japanese Yen has been losing strength after reaching the highs. This could offer reversal opportunities on the currency against stronger currencies or currencies that are at a reversal zone. The New Zealand Dollar is one of those currencies that is in a key reversal zone. If the risk sentiment switches to a more risk on environment we could see the price of NZDJPY reverse.

Technically looking at the price action from last week we could see the price move higher back to the key resistance zone. The weekly closed a strong bullish inside candle which can often lead to a reversal. The daily chart shows the price is forming a low ranging retracement. When this happens we can often see an impulsive phase follow. This could offer us long trade ideas if the price can break through the current daily highs. 

Do you trade AUDJPY? you can see our latest analysis here.

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