In last analysis of NZDJPY I pointed out a potential change of trend due to the breaking of resistance line drawn from this year’s maxima. The condition to confirm this change was breaking the high near 78.00. As you can see on daily chart below, such a break actually occurred. Price then headed for the first target, located at 77.90. There is a potential to rebound in this place, and downward correction can be used to look for buying opportunities, consistent with the new upward trend.
After overcoming resistance at 77.90, another target for buyers is shown above, at 78.90. This level in the first half of March acted as resistance and at the same time the upper limit of 100-pips consolidation.
The analysis was done on an account at XM broker who offers $30 per start!
