NZDJPY Trading Plan

The pair has been trading within a Channel Down since the October 21 2021 market top. As long as it holds and the price is trading below the 0.618 Fibonacci retracement level, the trend remains bearish and NZDJPY should be targeting a new Lower Low within the Channel. A reasonable target is 73.000, which is just above the 1.236 Fibonacci extension that was the last Lower Low of the May - August Channel Down.

On the other hand, if the price breaks above the 1D MA200 (orange trend-line), which is outside the Channel Down, the bullish trend is resumed and the break-out should target at least the 0.236 Fibonacci retracement level. The recent Bullish Cross on the 1D MACD can certainly help towards that direction.




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