- 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.
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
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.''
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.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.