Daily Price Action
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NZDJPY Bulls Fail to Retake 79.15

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Important: I use New York close charts so that each 24-hour period closes at 5 pm EST.

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Following an impressive 400 pip rally that began on March 23, the NZDJPY is at risk of pulling back next week.

Buyers struggled throughout Friday’s session to gain traction above the 79.15 handle. You can see from the chart below how this area has directed price action over the last few months.

In fact, the 79.15 region has influenced the pair since February 2016.

With Friday’s bearish rejection candle in the books, we could see the NZDJPY move lower next week. The next key support doesn’t come in until 78.10 with a close below that exposing the 77.00 area.

Do keep in mind, though, that any pullback here may be temporary. Even with today’s bearish candle, the NZDJPY is up 120 pips this week and 340 pips since the March 23 low.

As such, it would be wise to act on today’s bearish candle with caution or not at all.

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NZDJPY bearish pin bar on the daily chart

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6 comments
Mathew Ihuoma says

Ur right boss, I guess is jst a pull back, and as u subject “trade with caution or avoid trading it at all”
Honestly am learning fast following ur blog, but my challenge is discipline, and as for patient, am becoming good at it bit by bit. I pray that God should help me and bless YOU more

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Steve says

I guess you are right here Justin. A shame I cannot post a chart – but the weekly which is in a definite downtrend has pulled back to a critical level which has the confluence of horizontal resistance and also the 618 fib. My guess is sell next week !!!

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Sentry&Void says

There’s an obvious mean reversion setup on NZDJPY. Let’s watch out on how the news affects price next week.

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Joshua says

How i can be a trader

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Chris says

I expect some pullback wthin the range you mentioned followed by some consolidation. The bulls are still in controll here

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Tjokosela Mahlomola Benedict says

I hope that my request will under your favourite consideration. Thanks God’s will

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