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#NZDJPY has continued to fall despite the strong seasonal bullish bias. However, the price is approaching a major support level.

Will the price reverse?

Watch the video to learn more…

NZDJPY Analysis

nzdjpy forex chart of the day

We have recently talked about the NZDJPY price due to the strong seasonal bias in the market. The New Zealand Dollar is typically the most bullish currency in November and the Japanese Yen is the weakest. However, the strength meter currently shows the opposite and the price has been moving in the opposite direction. The recent RBNZ news didn’t help the New Zealand Dollar weakness despite them hiking rates to 0.75% the market felt they would hike by more. This disappointed investors and the price remained bearish.

Technical Analysis

The price is currently in a retracement phase of a bullish weekly trend. This is shown by the 4hr being in a downtrend making lower highs and lower lows. This is likely to continue until the price retests the major support and the previous breakout highs. If the market reaches this level we can look for bullish reversal patterns in line with the weekly trend. 

See our latest Gold analysis here.

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