NZD/JPY is doing its best

NZD/JPY is doing its best

2019-11-11 • Updated

Trade ideas

BUY 69.10; TP 69.70; SL 68.90

SELL 67.75; TP 67.25; SL 67.90

NZD/JPY is surviving a period of correction/consolidation within the long-term downtrend. The pair’s currently in the middle of the range and the decisive action of bulls may take it up to its upper border in the 69.70 area (the declining 100-day MA; 50% Fibonacci retracement of the July-August decline). To get a chance to test this area, the price firstly needs to get above the interim resistance of 69.00 (Oct. 11 high). If market sentiment turns sour and NZD/JPY gets rejected on the upside once again, the fall below 68.00 (50-day MA) will make it vulnerable for a decline to support line in the 67.15 zone. 

NZDJPY.png

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