Hi peeps,
As you can see from the analysis, trend line channel hasn't been broken on the weekly, daily and 4H timeframe, except for some false breaks and volatility due to fundamentals and uncertainties revolving around COVID19. Price is still continuing in this parallel line.
Most possibly, price maybe moving towards the downside to 63.20 range. Japanese economy is not stable as of now but over the long run, JPY will revive its status of upholding its safe haven status. JPY has been getting stronger over the few weeks given the huge resistance (supply) zones as depicted.
Disclaimer: This is not an investment advise but rather my thoughts on the price movement for NZDJPY . Do share your thoughts and your feedback about my analysis :)
Cheers
Pips Punk
As you can see from the analysis, trend line channel hasn't been broken on the weekly, daily and 4H timeframe, except for some false breaks and volatility due to fundamentals and uncertainties revolving around COVID19. Price is still continuing in this parallel line.
Most possibly, price maybe moving towards the downside to 63.20 range. Japanese economy is not stable as of now but over the long run, JPY will revive its status of upholding its safe haven status. JPY has been getting stronger over the few weeks given the huge resistance (supply) zones as depicted.
Disclaimer: This is not an investment advise but rather my thoughts on the price movement for NZDJPY . Do share your thoughts and your feedback about my analysis :)
Cheers
Pips Punk