NZD/JPY: Trade ideas for August 29
On the H1 chart, the NZDJPY is finding strong support above the 86.85 level, which is close to the 200 EMA, bearing in mind that this pair could be making a rebound to strengthen the bullish trend in the medium term, so that the next objective in the bullish road would be the resistance level of 87.21.
On the other hand, the NZDJPY could be forming a bearish pattern. If this pair manages to make a breakout at the support level of 86.76, the next goal would be the level of 86.49, where is located the 100.0 Fibonacci retracement level. The RSI indicator remains in negative territory.
Trading recommendations: Place buy orders if the NZDJPY does a breakout at the resistance level of 87.21, with take profit at 87.56.