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Yen to Resume 5-Yr Rise vs. NZ Greenback If Chart Setup Holds

NZD/JPY TECHNICAL ANALYSIS – Speaking Factors:

NZD/JPY testing five-year downtrend resistance after risk-on bounceHead and Shoulders sample, development line break trace topping within the worksAffirmation on a break of neckline assist anticipated to show 70.00

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The New Zealand Greenback has been trending decrease towards the Japanese Yen since topping in December 2014. In Could 2018, sellers pushed costs under rising development line assist based mostly from the post-crisis low in early 2009, suggesting structural bearish bias had been established.

Costs are actually retesting downward-sloping resistance defining the long-term decline having bounced from a seven-year low amid broadly enhancing danger urge for food throughout monetary markets within the fourth quarter of 2019. This barrier is bolstered by former assist within the 72.36-73.25 space courting again to August 2015.

Yen to Resume 5-Year Rise vs. NZ Dollar If Chart Setup Holds

NZD/JPY month-to-month chart created with TradingView

Zooming in to the day by day chart suggests a reversal from resistance could also be getting underway. Costs broke under rising development line assist set type mid-November and now look like carving out a bearish Head and Shoulders (H&S) topping sample.

Affirmation of reversal on a day by day shut under the H&S neckline at 71.73 would indicate a measured draw back goal close to the 70.00 determine. Maybe most curiously, such a transfer is more likely to clear assist established from late August, portray current good points as corrective and triggering long-term downtrend resumption.

New Zealand Dollar vs Japanese Yen price chart - daily

NZD/JPY month-to-month chart created with TradingView

Invalidating the H&S setup and the broader case for topping in all probability requires a day by day shut 73.54, the December 27 excessive. Neutralizing the long-term bearish bias calls for a breach of the five-year falling development line, now at 74.74.

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NZD/JPY TRADING RESOURCES

— Written by Ilya Spivak, Forex Strategist for DailyFX.com

To contact Ilya, use the feedback part under or @IlyaSpivak on Twitter


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