Rectangle on NZD/JPY

Rectangle on NZD/JPY

There is an interesting technical pattern on the NZD/JPY currency pair. At the moment, quotes are in a sideways trend. The key range is 69.000-70.000. A classic figure of the technical analysis, Rectangle (H4 timeframe), has been formed in the trading instrument. We recommend paying attention to this situation.

The NZD/JPY quotes have the potential for further recovery after a continuous fall. If the price fixes above the round level of 70.000, NZD/JPY purchases should be considered. The movement is tending to 70.700-72.000.

Alternative option. If the price fixes below 69.000, the NZD/JPY currency pair is expected to decline. The target movement level is 68.400-67.800. When tracking positions, we recommend using a trailing stop.

Confirmations and market entry points should be looked for on lower timeframes.

by JustForex 2019.11.18

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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