NZD/JPY Uptrend Is Still Intact
The price is bullish. However, the pair is retracing and we could estimate the end of a retracement currently around the M L3 camarilla pivot -80.29.
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NZD/JPY Technical Analysis
- NZD/JPY is in uptrend
- Market is having a retracement
- M L3 camarilla pivot is support
- Uptrend i expected to continue
- Left shoulder
- Head
- Right shoulder
- Bouncing zone
- Target
The price is bullish. However, the pair is retracing and we could estimate the end of a retracement currently around the M L3 camarilla pivot -80.29. However, the JPY is getting strong and this could be only due to the ADP and NFP this week. Positioning is done at important s/r levels prior to the NFP as all JPY and USD markets will be affected. If the daily shows a reversal pattern at the bottom, look for buying the dip. Targets are 81.20 followed by 82.20 and 83.63.
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Cheers and safe trading,
Nenad