{"id":62755,"date":"2014-10-29T13:44:19","date_gmt":"2014-10-29T17:44:19","guid":{"rendered":"http:\/\/countingpips.com\/?p=62755"},"modified":"2014-10-29T13:46:16","modified_gmt":"2014-10-29T17:46:16","slug":"nzdjpy-enters-bullish-territory-upside-limited","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/10\/nzdjpy-enters-bullish-territory-upside-limited\/","title":{"rendered":"NZD\/JPY Enters Bullish Territory; Upside Limited"},"content":{"rendered":"<div id=\"inves-2445933108\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 29, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <strong>Bullish<\/strong><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Official Cash Rate and RBNZ Rate Statement due Wednesday night;<\/li>\n<li>New Zealand Dollar posted strong gains against USD, EUR and JPY this week;<\/li>\n<li>NZD\/JPY broke above a major pivot line at 85.80;<\/li>\n<li>Upside should be limited to 86.80 \u2013 87.00 in the near future.<\/li>\n<\/ul>\n<p><em>Despite entering bullish territory NZD\/JPY remains in a long-term downtrend, thus upside is very limited. Traders should view this temporary correction as a change to sell the pair high when the next bearish signal appears.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p><img decoding=\"async\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/10\/NZDJPY29thOctober.png\" alt=\"NZDJPY29thOctober\" \/><\/p>\n<p>The New Zealand Dollar is likely to end the 4<sup>th<\/sup> consecutive day in the positive against several major counterparts, including USD, EUR and JPY. Out of this lot, NZD\/JPY buyers displayed the biggest show of force on Wednesday, when price rallied above a major price pivot line at 85.80 (level also strengthened by 200 Simple Moving Average on 4H timeframe).<\/p>\n<p>With a bullish structure of higher lows and higher highs since 15<sup>th<\/sup> October, NZD\/JPY could extend gains for a little while in order to complete its correction up to 86.81 (61.8% retracement level from 88.97 down to 83.32). On Daily, 100-Day and 200-Day Simple Moving Averages are slowly declining near 87, almost guaranteeing a bearish bounce if price reaches this level. Stochastic is currently entering overbought territory on Daily, also suggesting upside should be limited in the near future.<\/p><div id=\"inves-2700980641\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>It remains to be seen how NZD\/JPY will react post-RBNZ Rate Statement. A slow return below 85.80 will not turn the pair bearish immediately, since HH LH structure and a bullish channel need to be invalidated first. Support lies over 120 pips lower, at 84.60, offering buyers plenty of breathing room to recover, no matter what happens today.<\/p>\n<p>*********<br \/>\nPrepared by Alex, Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\">Capital Trust Markets<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bullish Key Takeaways Official Cash Rate and RBNZ Rate Statement due Wednesday night; New Zealand Dollar posted strong gains against USD, EUR and JPY this week; NZD\/JPY broke above a major pivot line at 85.80; Upside should be limited to 86.80 \u2013 87.00 in the near future. Despite entering bullish territory NZD\/JPY remains [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-62755","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=62755"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62755\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=62755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=62755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=62755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}