0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • “Google’s Fitbit deal has encountered some legal friction in the EU. How will Europe’s stance on digital sovereignty impact the #Euro? Get your market update from @ZabelinDimitri’s here: https://t.co/Etz3MCuhQC https://t.co/oMaeQGUqqY
  • Trump says considering term-limited suspension of payroll tax - BBG
  • RT @FxWestwater: #SP500 Outlook: Options Traders Positioned for New All-Time High w/ @RichDvorakFX via @DailyFX $SPX https://t.co/8WkV…
  • Fed's Mester says there is not much support for going negative on rates - BBG
  • The Pound Sterling could continue its bullish trend if the Bank of England defers NIRP remarks. Get your $GBP market update from @RichDvorakFX here:https://t.co/0qVLWRjqIm https://t.co/IbRF1eBx1w
  • 🇧🇷 Interest Rate Decision Actual: 2% Expected: 2% Previous: 2.25% https://www.dailyfx.com/economic-calendar#2020-08-05
  • White House Chief of Staff Meadows says talks done for the day on stimulus, no consensus reached- BBG
  • Fed's Mester: - More stimulus can be available from forward guidance and bond buying - Downside risks increased from recent virus uptick - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.54% 🇪🇺EUR: 0.52% 🇦🇺AUD: 0.43% 🇳🇿NZD: 0.38% 🇬🇧GBP: 0.32% 🇯🇵JPY: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gewmUIxsEK
  • The USD is approaching the 92.50 zone, which helped to hold the lows last week. Support or a reversal here puts AUD/USD in an interesting spot for reversals. Get your $USD technical analysis from @JStanleyFX here: https://t.co/mDGCXV26Q7 https://t.co/eAL5wzC3wi
NZD/JPY Technical Outlook: Bearish Correction Ahead?

NZD/JPY Technical Outlook: Bearish Correction Ahead?

2019-12-11 02:00:00
Dimitri Zabelin, Analyst
Share:

New Zealand Dollar, Japanese Yen, NZD/JPY – TALKING POINTS

  • NZD/JPY technical cues signal upside momentum is waning
  • Pair is approaching key resistance at 71.822 – will it hold?
  • Bearish correction may be amplified by fundamental risks

Learn how to use politicalrisk analysis in your trading strategy!

NZD/JPY continues to climb above the October uptrend – red parallel channel – though upside momentum appears to be ebbing. If a correction is in the cards, the next possible area of support may be at the 69.897-70.030 zone where selling pressure may be alleviated as buyers may start swooping in.

NZD/JPY – Daily Chart

Chart showing NZD/JPY

NZD/JPY chart created using TradingView

However, if the pair continues to climb higher, the next major point of resistance may be at 71.822. A break above that could open the door to testing the peak of the July 2019 selloff at 73.245. However, traders may be waiting for critical fundamental developments to evolve before placing their trades. This includes the FOMC rate decision, UK election outcome and the US’ decision on the December 15 tariff hike against China.

NZD/JPY – Daily Chart

Chart showing NZD/JPY

NZD/JPY chart created using TradingView

Zooming out to a weekly chart, however, shows a much gloomier picture. The pair has been trading below a descending resistance channel since January 2015. Recent price action suggests the pair may be attempting to make another attempt at re-testing resistance. Failure to break above the ceiling could result in a selloff as discouraged bulls offset their long positions.

NZD/JPY – Weekly Chart

Chart showing NZD/JPY

NZD/JPY chart created using TradingView

NZD/JPY TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

-

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.