NEW ZELAND DOLLAR / JAPANESE YEN H4 Time Frame
Major Trend = Ranging
Minor Trend = Downtrend
Nearest Support Area = 84.150-84.430
Nearest Resistance Area = 86.095-86.420
Overall Bias = Short
Short Term Target = 83.500-83.725
Ideal Target = 82.300-82.555
Invalidation Level = 85.920
Notes :
AUDJPY has been one of the weakest Yen pairing with price stuck in a range bound between 80 and 87 for the past year whilst other Yen pairs have been making a strong uptrend move. Currently price is testing its double top pattern neckline & major support zone to see if buyers can hold it.
Our 1st Main & "Ideal" Scenario is the black paths where price is expected to break down, confirm its double top pattern and continue lower with an ideal target around 82.300-82.555. This scenario is still valid as long as price stays above 82.920.
The 2nd "Worst Case" Scenario is the red paths where price ends up failing to break down (or make a false break down) and instead rebounds from its major support zone higher to about 86.095-86.420.
Major Trend = Ranging
Minor Trend = Downtrend
Nearest Support Area = 84.150-84.430
Nearest Resistance Area = 86.095-86.420
Overall Bias = Short
Short Term Target = 83.500-83.725
Ideal Target = 82.300-82.555
Invalidation Level = 85.920
Notes :
AUDJPY has been one of the weakest Yen pairing with price stuck in a range bound between 80 and 87 for the past year whilst other Yen pairs have been making a strong uptrend move. Currently price is testing its double top pattern neckline & major support zone to see if buyers can hold it.
Our 1st Main & "Ideal" Scenario is the black paths where price is expected to break down, confirm its double top pattern and continue lower with an ideal target around 82.300-82.555. This scenario is still valid as long as price stays above 82.920.
The 2nd "Worst Case" Scenario is the red paths where price ends up failing to break down (or make a false break down) and instead rebounds from its major support zone higher to about 86.095-86.420.