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Currency Analyst since 2010

NZD/JPY: trade recommendations

By Felipe Erazo

At the H4 chart, NZD/JPY is facing at significant levels, as this pair has been in bullish trend from several days ago, but NZD/JPY found resistance near to the 89.50 level and now this pair is making a retracement near to the support level of 89.09 and forming a higher low pattern.

If the pair manages to make a breakout in the support level of 89.02, it’s expected to fall to the level of 88.46 in the medium term, which is close to the 200 EMA (Green line). However, if NZD/JPY manages to consolidate above the 88.33 level, this pair could continue the strong bullish bias for several more days.

Trading recommendations: Place buy orders above the resistance level of 89.33. Also, only put sell orders when NZD/JPY does a breakout at the support level of 89.02, with take profit at 88.46.

Chart. H4 NZD/JPY

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