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NZDJPY: Move Lower Likely While Below 80.15

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Like the EURJPY that we discussed the other day, the NZDJPY has some well defined horizontal levels. One of those is 80.15, which broke down during Wednesday’s session.

You can see from the chart below how the level served as resistance between December 27 and January 2. It then began to attract bids following the January 5 rally.

With the NZDJPY back below 80.15 on a daily closing basis (5 pm EST), the area should start to attract selling pressure once more.

That’s what occurred during Thursday’s session. Despite an intraday move to 80.59, sellers regained control to force a sub 80.15 close. As long as that continues to happen, I favor selling the NZDJPY.

This also fits the mold of what I’ve seen lately with a few other yen crosses. See the recent commentary on the EURJPY and CADJPY for more.

Key support from here comes in at 79.20 followed by 78.35. Alternatively, a daily close at 5 pm EST back above 80.15 would negate the idea of a move lower and re-expose 81.25.

Note that BOJ Governor Kuroda speaks on Friday, January 26 at 9 am EST. However, I don’t anticipate much of a market response if any.

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NZDJPY daily time frame

Leave a Comment:

13 comments
vijai says

Thank you very much for your trading guideline. 🙂

Reply
Rahul Kumar says

Hi Justin,
Thanks for your trading guidelines. Why don’t you share your views on Gold?

Reply
    Justin Bennett says

    I don’t trade it, but I could provide some commentary if you guys are interested.

    Reply
      Darius says

      I am interested in gold, oil, silver

      Reply
Md Shohrab Hossain says

Thanks a lot Justin for your trading idea..

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Ivan says

Thanks justin for your guidelines…where must i reply stop to describe

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Shiku says

Thanks for the guidelines

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Geoffrey says

Which EMA is this please?

Reply
    HarryT says

    EMA 10 and EMA 20 i believe

    Reply
Geoffrey says

Which EMA is this please?

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bernard says

THANX JUSTIN

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Antonio says

good work, I spot a breakout yesterday. Right now I’m in a trade

Reply
Ikhaghu says

Your observation Justin was very correct.,i entered short at 80.237 and it has been going down,

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