NZDJPY and AUDJPY Reversals?
Both the daily charts of AUDJPY and NZDJPY are showing signs of a reversal.
With the NZDJPY, we had a double bottom at the 67.00 zone. It is a big support/flip zone. Yesterday we had a break and close above the 69.30 zone which is also a break above the previous swing (lower high). I like the structure here and as long as we hold the breakout zone, I can see price moving to the 72.00 zone.
AUDJPY also interesting and has created a confirmed higher low with this higher high we got on yesterdays daily close.
Would target the 76.00 zone if we hold this breakout zone.
Finishing off with the Yen futures, let us see if we break this larger head and shoulders pattern. Would provide more confluence for our trade.
Conversely, the yen futures on the 4 hour can be basing for a reversal.
With the NZDJPY, we had a double bottom at the 67.00 zone. It is a big support/flip zone. Yesterday we had a break and close above the 69.30 zone which is also a break above the previous swing (lower high). I like the structure here and as long as we hold the breakout zone, I can see price moving to the 72.00 zone.
AUDJPY also interesting and has created a confirmed higher low with this higher high we got on yesterdays daily close.
Would target the 76.00 zone if we hold this breakout zone.
Finishing off with the Yen futures, let us see if we break this larger head and shoulders pattern. Would provide more confluence for our trade.
Conversely, the yen futures on the 4 hour can be basing for a reversal.