NZDJPY, after declines lasting since January 2015, reached in June last year very important support at 69.00 converging with 50% of the Fibonacci correction from the previous six-year rise, where demand reaction appeared.

NZDJPY Monthly

On weekly chart we can notice that as a result of later gains market reached local resistance at 83.75, where supply reaction occurred. Later on declines reached only local support at 75.75, where demand response has started and since then we have seen growth again.

NZDJPY Weekly

On daily chart, we notice that as a result of lasting from mid-April growth, NZDJPY reached local resistance area at 80.55, where yesterday a supply reaction occurred. However, considering today’s further upswings, we may find that bears are to weak to  reject this resistance. So if pair ends today above this resistance (now support), we could expect continuation of trend and re-test of December and January highs.

NZDJPY Daily

Looking at H1, we note that market after breaking has accurately tested mentioned 80.55 level. Its rejection started another wave of growth impulse and we overcame another local resistance that we are currently re-testing as support.

NZDJPY H1

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