Facts:
An upward trend has been in force since April 9
The bounced off the key support at 84.40
Recommendation:
Trade: Long position on NZDJPY at market price
Target: 85.70, 86.55
Stop: 83.97
Opinion:
Looking at NZDJPY at the H4 interval, we can see that the price reached the key support zone. The area marked with green colour is marked with the lower limit of the 1:1 structure, and 23.6% Fibonacci retracement of the recent upward move started on 9th of April. Bouncing off the support may trigger another upward impulse and previous highs could be a target. In addition the short- term sentiment on this pair remains bullish, and the recent downward move looks to be merely a correction. We recommend going long NZDJPY at market price with two targets: 85.70 and 86.55. We also recommend placing a stop loss order at 83.97. Source: xStation5
