Daily Price Action
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Price Action Setups: NZDJPY and GBPJPY

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A quick note before we get started with today’s setups: the EURNZD setup from yesterday is off the table, at least for the time being. The pair closed below key support at 1.625 with a lack of bullish price action.

NZDJPY was able to make up some lost ground today, closing the day 60 pips higher from the open. I still like the idea of waiting for a retest of neckline resistance around the 85.85 level over the next few days. In fact as I write this the pair is about 12 pips away from testing the level.

Key support from here comes in around 84.0 with the measured objective from the double top coming in around 82.0.

Summary: Wait for a retest of neckline resistance at 85.85 and watch for bearish price action. Initial target at 84.0 with a final objective of 82.0.

nzdjpy daily forex chart

GBPJPY analysis

gbpjpy 4 hour forex chart

 

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