Forex Watchlist: NZD/JPY Triangle Pattern Forming

Take a look at this triangle support bounce on NZD/JPY!

Do you think that the pair can test the resistance ahead of the BOJ decision?

Listed below are the degrees I’m watching.

NZD/JPY 1-hour Forex Chart by TradingView

I’m looking out for giant moves among the many yen pairs throughout the BOJ statement tomorrow!

This pair just pulled up from the underside of a newly-forming descending triangle pattern visible on its hourly time-frame.

Can it test resistance soon? And can it hold?

Technical indicators are suggesting so, because the 100 SMA crossed below the 200 SMA to substantiate that the trail of least resistance is to the downside.

At the identical time, Stochastic is hovering across the overbought region to signal exhaustion amongst buyers. NZD/JPY could follow suit when the oscillator moves south to reflect a return in bearish pressure.

Heck, if sellers are very wanting to take over, price might even hit a ceiling on the SMA’s dynamic inflection points!

Market watchers could be bracing for a more hawkish BOJ announcement than usual, because the central bank has veered off its easing stance of their December decision.

Some predict that the BOJ might even end its yield curve control policy or announce fresh measures to maintain bond yields in check.

In any case, be certain you practice proper risk management and keep close tabs on the headlines if you happen to’re trading the news!

This content is strictly for informational purposes only and doesn’t constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to be certain you understand the risks involved.

Leave a Comment

Copyright © 2024. All Rights Reserved. Finapress | Flytonic Theme by Flytonic.