NZDJPY Support break-outs determine our trades

26 Jul 2023

NZDJPY gave us last time (May 05) a very accurate buy signal that hit the target (see chart below) and even broke the 1 year Resistance Zone:

The pattern that emerged is a Bullish Megaphone, whose latest Higher Low leg is supported by the 1D MA50 (blue trend-line), having closed all candles above it. As long as it holds, we remain buyers and target Resistance 1 (89.700). If the price breaks below Support 1 (86.230) we will sell and target the bottom (Higher Lows trend-line) of the Bullish Megaphone at 85.330, near the 1D MA200. A 1D candle close below that, will be a bearish break-out signal for us and we will sell again, targeting Support 2 (83.540).

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