On Friday NZDJPY rallied near to 65.00. So what's next?
According to the trend channel, it must bounce back to 64.00 levels approx. BUT this time it may be breaking this trend and in that case, we will be seeing 66.500 levels approx. and on the downwards direction there is support holding still at 65.00. So, a rebound might be seen from there.
What should be the plan??
If we are long on this pair, nook profit here or at least save some by moving stop-loss above. If planning a short then don't take it now, wait till it gets confirmation below 65.00. Otherwise, be neutral as it has high chances to rebound from 65.00 levels if not, then it may rebound again from 63.700 which proved to be a strong support region.
Now, if you liked this analysis then leave a like and follow me. :)
According to the trend channel, it must bounce back to 64.00 levels approx. BUT this time it may be breaking this trend and in that case, we will be seeing 66.500 levels approx. and on the downwards direction there is support holding still at 65.00. So, a rebound might be seen from there.
What should be the plan??
If we are long on this pair, nook profit here or at least save some by moving stop-loss above. If planning a short then don't take it now, wait till it gets confirmation below 65.00. Otherwise, be neutral as it has high chances to rebound from 65.00 levels if not, then it may rebound again from 63.700 which proved to be a strong support region.
Now, if you liked this analysis then leave a like and follow me. :)