NZDJPY’s latest 4H ascending channel is still giving the bulls a firepower to extend the uptrend higher after 2007 highs were broken!

Join me as I share my first analysis and trade plan for the NZDJPY cross pair.

There are no further high impact economic reports in New Zealand after yesterday’s RBNZ unchanged rate while for Japan this week.

Assessing NZDJPY’s high timeframe candles:

Yearly Candle: A Green Body with Equal Wick Lengths

Monthly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Green Long Upper Shadow with a Medium Body

Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Red Long-Legged Semi Doji

Daily Candle: Previous close is a Red Body with a Slightly Longer Head Wick current is a Green Body with Equal Wick Lengths

AUDJPY’s price right now is hovering higher to levels not seen since 2007.

In the 4H chart above, we can see 3 successful patterns that keep its bulls winning.

First is an ascending triangle after April 28-29 scam wick got broken.

Second, a bullish rectangle pattern that paved the way to the third and current ascending channels.

All I can sense is that the AUDJPY bulls do not stop until the psychological 100 market is hit at least.

However, we can spot a new 4H bearish FVG that can spoil the uptrend plus the weekly candle is already ranging!

In today’s trade plan, I’m going for a long position even though the AUDJPY bears have an initial 4H bearish FVG in their hands.

It’s too early to say that the peak of an uptrend has been reached already.

I would like to enter at the current 4H candle with a take profit target towards the psychological 100 level with a cut loss set at the 97.80 only nullifying the ascending channel pattern.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

Let’s see if there’s some price upward extension soon.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

NZDJPY Intraday Analysis and Trading Plan For July 11, 2024

Jul 11 2024

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