TECHNICAL BOUNCE EXPECTED ON NZDJPY
Despite a drop of almost 10% from the all-time high of 99 reached on 10 July 2024, the pair's long-term trend remains bullish.
However, a break of the medium-term uptrend line could open the door to a much larger correction and threaten the uptrend.
The price is currently in a key support zone at 90.186 - 90.763. This zone has been worked by both buyers and sellers between 9 January 2024 and 21 April.
Technically, we can expect a buying bounce that could take the price back to the uptrend line for a perfect technical pullback.
With the RSI at 12.60 at the time of writing, a technical rebound could also be confirmed by the RSI returning to its neutral zone. However, it would be better to wait for a buy signal on the smaller TFs before confirming this move.
On the other hand, a confirmation of a break of the support zone would allow the sellers to take control and drive the price even lower towards the 88 level.
Maxime Dominguez - Analyst for Activtrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
However, a break of the medium-term uptrend line could open the door to a much larger correction and threaten the uptrend.
The price is currently in a key support zone at 90.186 - 90.763. This zone has been worked by both buyers and sellers between 9 January 2024 and 21 April.
Technically, we can expect a buying bounce that could take the price back to the uptrend line for a perfect technical pullback.
With the RSI at 12.60 at the time of writing, a technical rebound could also be confirmed by the RSI returning to its neutral zone. However, it would be better to wait for a buy signal on the smaller TFs before confirming this move.
On the other hand, a confirmation of a break of the support zone would allow the sellers to take control and drive the price even lower towards the 88 level.
Maxime Dominguez - Analyst for Activtrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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