The #NZDJPY prices could start to reverse according to the strength meter. What do we need to see first before looking for long opportunities?
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The price of the NZDJPY could reverse this week as the strength meter continues to highlight the New Zealand Dollar in a reversal zone. This combined with the recent weakness in the JPY could provide a perfect opportunity for the trend to change.
The weekly chart shows that the price recently found buyers at a previous support zone. Not only this but the price action last week completely reversed the previous weeks which shows us that the sellers have run out of momentum.
If the price is going to reverse we should see the 4hr time frame form a bullish trend. Currently the price has been making higher highs and higher lows and the price is now at the previous swing high. If the price breaks through this zone we can look for a long opportunity at a key demand zone.
Did you see our GBPUSD analysis? Watch it here.
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