NZDJPY → Pre-breakdown consolidation. Preparing for a rally

2024年10月18日

NZDJPY is forming consolidation near resistance after retest and false breakdown. On the back of JPY decline, NZD may show upside...

There is no proper price reaction to range resistance. Consolidation in the format of a descending wedge, a rather strong pattern capable of forming strong movements, is being formed. The Japanese national currency continues to update lows amid the calm of the central bank of Japan, which is waiting for something because of the rally in the dollar, as well as economic data from the United States. Any strong comments could restart the rally in the JPY, so the risk of a shakeout is quite high. But at the moment the chart is hinting at a possible upside...

Resistance levels: 91.362, 91968
Support levels: 90.056

The price stops moving away from the wedge resistance at some point, forming a 12-16 hour consolidation. Most likely there will be a breakout attempt. If the bulls keep the defense above 91.0, we can catch a good upward rally in the mid term

Rate, share your opinion and questions, let's discuss what's going on with ★ NZDJPY ;)

Regards R. Linda!

2024年10月22日

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