Following a construction optimistic outcome, NZD/JPY bears take a step back.
There is now a chance that the original daily bullish impulse will be corrected further.
NZD/JPY Price Analysis: According to the previous analysis, NZD/JPY Price Analysis: Bulls erupted toward the predicted target, the price hit the target, and a number of opportunities to board the bird’s flight arose along the way.
However, in achieving the target, the bears have swept the market and regained control all the way down to the 50 percent mean reversion point of the original bullish daily impulse, presenting the next trading opportunity.
The following is a unique analysis of the NZD/JPY price, NZD/JPY Price Analysis: The bullish prospects from a confluence of support were explained by bulls hiding at daily and 4-hour support.
The following analysis was followed up on in a progress report: Bulls stepping in at a critical confluence of support and again here: NZD/JPY Price Analysis: Bulls stepping in at a critical confluence of support and again here: Analysis of the NZD/JPY Exchange Rate: Bulls erupted in rage as they charged towards their predetermined target.
In the report, there was also a mention of a shorter-term trading opportunity that also hit the target, as follows:
“From an intra-session/day-trading standpoint, there may yet be a chance to catch this bird’s flight.”
On the hourly chart, the bullish impulse has already begun to reverse, which should continue and provide a discount to those who are following the bird’s northerly track.”
As the high was 78.77, the daily chart above and the hourly chart below show the outcome of the analysis and targets towards the 78.80s as being achievable based on one’s personal exit plan.
The price has reverted to the negative in a strong bearish impulse at this point.
The pullback has come to a halt at a 23.6 percent Fibonacci retracement level, implying that the support structure in the low 77 area between 77.00 and 77.20 could be tested further to the downside./n
