FBS - Analytics

    FBS

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    NZD/JPY: buy targets - 76.80 and 78.00

    • NZD/JPY reversed from strong support zone
    • Next buy targets - 76.80 and 78.00

    NZD/JPY recently reversed up sharply from the strong support zone lying between the support levels 74.40 and 73.20. This support zone earlier reversed the previous waves ①, (1) and 1, as can be seen from the daily NZD/JPY chart below. The upward reversal form this support zone created the daily Japanese candlesticks reversal pattern Morning Star – the middle candle of which is also the Japanese candlesticks reversal pattern – Hammer.

    Given the strength of the aforementioned support zone - NZD/JPY is likely to rise further from the current levels toward the next buy targets at the resistance levels 76.80 and 78.00.


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