NZD/JPY Breaks Important Resistance
Admirals | Dec 02, 2013 06:34AM ET
The new month started very optimistic for the NZD/JPY, and the movement for the early hours of trading changed the short term sentiment into positive. For the whole of November, the price was in the ascending triangle formation, which in theory promoted further upswing. That is what has happened when the market opened after the weekend break. The price broke the 83.90 resistance and currently, it will play the role of the closest support. The next resistance is now at 84.80, which is related to the tops from the months of April and May this year. The current situation puts bulls in favor and it seems like the opening long positions is the best option.
Bullish scenario will be denied once price comes back below the 83.90, and breaks the blue uptrend line which is connecting recent higher lows.
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