NZD/JPY: Trade ideas for July 24
By Felipe Erazo
The NZDJPY has reacted in a negative way to the publication of the Bank of New Zealand about the increase in interest rates to 3.50%, so this pair is conducting a breakout in the support level of 87.36, which is below the 500 EMA. The next goal would be the support level of 86.94 on the H4 chart.
However, we must stress that the NZDJPY could perform a bullish rebound at current levels and rising again to the resistance level of 88.14, because the support level of 97.36 has showed much strength in the past. If NZDJPY manages to make a breakout at the level of 86.94, it's expected to fall to the level of 86.22.
Trading recommendations: Place sell orders if the NZDJPY does a breakout at the support level of 86.94, with take profit at 86.22. Also, you can place buy orders of the NZDJPY performs a rebound at current levels with take profit at the resistance level of 88.14.