Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

NZD/JPY Breaks Important Resistance

Published 12/02/2013, 06:34 AM
Updated 01/31/2022, 02:45 AM

The new month started very optimistic for the NZD/JPY, and the movement for the early hours of trading changed the short term sentiment into positive. For the whole of November, the price was in the ascending triangle formation, which in theory promoted further upswing. That is what has happened when the market opened after the weekend break. The price broke the 83.90 resistance and currently, it will play the role of the closest support. The next resistance is now at 84.80, which is related to the tops from the months of April and May this year. The current situation puts bulls in favor and it seems like the opening long positions is the best option.

Bullish scenario will be denied once price comes back below the 83.90, and breaks the blue uptrend line which is connecting recent higher lows.
<span class=NZD/USD Hourly Chart" title="NZD/USD Hourly Chart" width="988" height="467">

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.