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NZDJPY Price Action Analysis – 20th June 2017

NZDJPY has been having a strong buy trend on the Daily, H4 and H1 chart. The price has kept making higher highs for a month. On the H1 chart, it seems that the pair is going to offer another long entry if it makes a breakout towards the North. Let us find out the trade setup. Have a look at the H1-NZDJPY chart…

On the H1 chart, the price has kept making higher highs. Same goes on the Daily and H4 chart as well. On this chart, it is clearly seen that the level of 80.500 was a level of resistance earlier. That got broken and the price went up to the level of 80.960. The price then came back at 80.500 to make the confirmation. So far, the level has been a good level of support. Now then, if the price makes a breakout at 80.960, then there is a high potential that the price would go up to 81.700. Let us have a look at the summary of the trade…

• Buy Stop Order: 80.960
• Stop Loss Level: 80.400
• Take Profit Target: 81.700
• Validity: 72 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

Ideally, we are going to wait for an H1 breakout here. By looking at the chart, it seems that the price might go to the breakout level first, and then it would have some correction on the intraday charts. If that happens, then many intraday traders would come to the party as well. This would accelerate the speed of the price to go towards the North. Keep your eyes on these things as well. It will increase your trading ability.

We hope that you enjoy our Free Forex Trading Signal today: NZDJPY Price Action Analysis – 20th June 2017 

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