NZD/JPY-1218 days Upttend
In 2007, before the Great Recession, the price reached an all-time high of 97.791. After that in December 2014 the price was at 94,050 and from that moment we saw a down trend for the next 1,904 days and the price fell by 36% to 59,502 and then we got the COVID and from that moment the trend changed. From the 2020 low, the price has currently jumped by 47% and the trend has lasted for 1218 days and my expectation is that it will continue that way.
Central Bank Rates in New Zealand are
5.50% while in Japan it is -0.10%. Which makes it clear to us that NZD is much more attractive to investors than JPY.
And that's why I believe that NZD/JPY will continue upwards and my prediction is to test the 2014 peak of 94,000, and the probability of testing the all time high of 97,700 is very likely if we continue with the Fundamentals as before.
To enter a long position, I will wait for a breakthrough of the trend line and the 4h candle must close above the trend line and that will be my confirmation that the price will continue upwards. I will manage the trade along the way, which means after +100 Pips profit my SL will be on BE
Central Bank Rates in New Zealand are
5.50% while in Japan it is -0.10%. Which makes it clear to us that NZD is much more attractive to investors than JPY.
And that's why I believe that NZD/JPY will continue upwards and my prediction is to test the 2014 peak of 94,000, and the probability of testing the all time high of 97,700 is very likely if we continue with the Fundamentals as before.
To enter a long position, I will wait for a breakthrough of the trend line and the 4h candle must close above the trend line and that will be my confirmation that the price will continue upwards. I will manage the trade along the way, which means after +100 Pips profit my SL will be on BE
Kommentar:
Direction was good, but short term news has pushed price down