NZDJPY → Consolidation before breakout and distribution

28 Okt

NZDJPY is forming a pre-breakdown consolidation amid the weakening of the Japanese national currency. There is a chance to get out of the accumulation...



The potential, if the bulls hold the victory and go outside the channel, is quite high. Above 92.00 there is a free way to 94.4 - 98.87, there is no resistance that can prevent the movement.
BUT, for this to happen, the buyers need to be able to utilize their potential.
On H4, a global range of 91.9 - 86.5 is forming. But, more remarkable is that a strong consolidation is forming near the upper boundary of the channel, hinting at a possible upside realization.

Resistance levels: 91.975
Support levels: 90.788, 90.03

Technically, there is no pullback at all from the resistance at 91.97. Accumulation before distribution is forming. A break of 91.97, which may happen soon, may trigger a strong bullish momentum

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Regards R. Linda!