NZD/JPY is currently in a consolidation period on the D1 timeframe. If price breaks through D1 resistance or previous support, we should see a nice setup for an entry.
Technical Analysis
The technical analysis is showing a strong sell overall, but if you look at the D1 chart, you will see that today we have had a heavy drop in price, which may be the reasoning for this. It is important that we wait until EOD before setting up these orders, to make sure that the candle body holds if it breaks throughout the day below the previous support level.
If price breaks and candle body holds above the D1 resistance of 76.409349, then a long entry with targets of 76.88 – 77.88 is what I will be shooting for.
If price breaks and the candle body holds below the previous support of 74.796982, then a short entry with target of 74.39129 – 73.402 will be the goal.
Cheers to another successful week!