NZD/JPY Price Analysis: Bears in control targeting the low 77's
|- NZD/JPY bears step back in following a construction bullish outcome.
- There are now prospects of a deeper correction of the original daily bullish impulse.
As per the prior analysis, NZD/JPY Price Analysis: Bulls burst into life towards projected target, the price reached the projected targets and offered a number of opportunities to board the flight of the bird along the way.
However, in reaching the target, the bears have swept up the market and taken control all the way back to the 50% mean reversion point of the original bullish daily impulse, which in its self raises the next trading opportunity.
Prior analysis
The following original analysis, NZD/JPY Price Analysis: Bulls lurking at daily and 4-hour support, explained the bullish prospects from a confluence of support
Daily chart
The analysis was followed up in a progress report as follows: NZD/JPY Price Analysis: Bulls stepping in at a critical confluence of support and again here: NZD/JPY Price Analysis: Bulls burst into life towards projected target.
There was an additional opportunity highlighted in the article for a shorter-term trade which also reached the target as follows:
''From an intra-session/day-trading perspective, there could still be an opportunity to board this flight of the bird.
Moving down to the hourly chart, the bullish impulse has already started to correct which should continue and offer a discount to those embarking on the northerly trajectory of the bird.''
Hourly chart
Live market update
The daily chart above and the hourly chart below illustrates the outcome of the analysis and targets towards 78.80s as being achieved depending on ones own exit strategy, as the high was 78.77.
Bearish prospects
At this juncture, the price has reverted to the downside in s strong bearish impulse.
The correction has stalled at a 23.6% Fibonacci retracement level which could equate to a downside continuation to the support structure in the low 77 area between 77.00 and 77.20.
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