In all my previous NZDJPY ideas, I recommended traders to sell NZDJPY. If you followed, you might have made close to 200 pips profit from those.
However, through this analysis, I want to say that NZDJPY could bounce upwards in the coming days.
Today's daily candle might show indications of a trend reversal as this candle has formed at the 100D EMA.
So, if NZDJPY closed around 71.25 today, we could very well see a trend reversal in the coming days.
That being said, if price does manage to break the 71 barrier and manages to stay below it, the next area of importance will be 70.
Ideally, I would keep an eye on today's closing price before executing any further trades.
However, through this analysis, I want to say that NZDJPY could bounce upwards in the coming days.
Today's daily candle might show indications of a trend reversal as this candle has formed at the 100D EMA.
So, if NZDJPY closed around 71.25 today, we could very well see a trend reversal in the coming days.
That being said, if price does manage to break the 71 barrier and manages to stay below it, the next area of importance will be 70.
Ideally, I would keep an eye on today's closing price before executing any further trades.
