- May 5, 2023
- Posted by: Tradingshot Articles
- Category: Forex
The NZDJPY pair has been on a strong rebound ever since the April 26 hit on the 1W MA100 (red trend-line), which has been the major long-term Support. Even though it got rejected on the 85.265 Resistance, as long as the 1D MA50 (blue trend-line) holds, we will be bullish targeting the bottom of the Resistance Zone at 86.500. The 1W RSI is printing a pattern similar to October 2021 – February 2022, supporting this bullish scenario, as the price has also broken above the top’s Lower Highs trend-line.
On the other hand, if we close a 1D candle below the 1D MA50, the bullish case will be invalidated and we will sell targeting the 80.600 Support.