NZDJPY Mid week report.
In the past two weeks, we've gotten great news regarding the vaccine for covid 19 & as a result, we're seeing major movement around the financial markets. NZD, in particular, has been a good performer up 4.48% against the Japanese yen since October 30th. As you see in the following chart NZD is holding nicely above my support area around 71.519 & 71.380. We've seen it tested that area three times on the 4hr chart forming a triple bottom which is a good indication along with the good news we're receiving about the vaccine that NZD is ready to attack the monthly highs seen at 72.782 & beyond. For an entry, I'd wait until the market clearly breaks above 72.000 to confirm the double bottom for a push towards 72.317 & then towards 72.782 & beyond. Let me know what you'll think in the comments. happy trading.
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