Kiwi’s Strong Run to Continue against the Yen; Market Forecasts for March 23rd – March 27th

Weekly Technical Outlook: NZD/JPY

 

  • Stop loss 88.51
  • Entry level 89.86
  • First Target at 91.14
  • Next targets to test at 91.87, 92.64

 

Kiwi’s Strong Run to Continue against the Yen; Market Forecasts for March 23rd – March 27th
Kiwi’s Strong Run to Continue against the Yen; Market Forecasts for March 23rd – March 27th

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Technical Analysis

 

NZD/JPY on the daily time frame as seen is currently at a key flip area with price breaking the previous resistance levels, which are now converted to support area. The pair is looking strong at the support area as the bullish engulfing bar engulfing previous four days, and the last candle engulfing previous day, suggesting that the pair is moving into the week much stronger and should continue with the upward bias.

Economic

 

  • Westpac consumer survey results for the New Zealand on Monday
  • Trade Balance along with Exports and Imports data results on Wednesday
  • Yen results for foreign bond investments on Thursday.
  • National consumer price Index on Friday.
  • Looking for some pull back around to 89.86 levels.
  • Week ended with another bullish engulfing bar engulfing previous day candle.
  • Price action at flip area previous acted as resistance now turned to support zone.
  • Continuing with the upward trend bias.

 

Area of Interest

 

  • Looking for some pull back around to 89.86 levels.
  • Week ended with another bullish engulfing bar engulfing previous day candle.
  • Price action at flip area previous acted as resistance now turned to support zone.
  • Continuing with the upward trend bias.

 

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