Good day traders!
When I last analyzed NZD/JPY on the 31st of October, I was waiting for price to enter the 70.10 – 70.85 price zone for an opportunity to go short. I also identified an entry zone higher up, but because price has been trading sideways ever since, I now favor my lower price zone for an entry.
Price has been supported on numerous occasions around the 68.99 price level (a previous high) and my center median line which turned price back upwards yesterday.
NZD/JPY might still reach my entry zone, but if price fails to move that high and breaks below the two support levels at 68.99 and 68.88, then I will assume that a top is in place and target the 68.16 and 66.93 price levels.
Until next time, have a great weekend!