Is the Kiwi finally losing steam against the Japanese yen? It’s an intriguing question, especially as we dive into the latest Forex trends. On the 4-hour chart, there’s a whisper of a potential reversal pattern that could hint at a shift in momentum. If you’ve been following this currency pair, you might have noticed several attempts to breach the resilient 83.25 mark, only to bounce back and form a double bottom pattern with a crucial neckline at 85.75. What’s particularly fascinating is that a robust break above this resistance may trigger a rally, echoing the height of the formation itself. So, could this be the moment the Kiwi perks up from its recent slump? Buckle up! Let’s dissect the charts and explore what the future might hold. LEARN MORE.Could the Kiwi be tired from its decline against the Japanese yen?
I’m seeing a potential reversal chart pattern suggesting so on its 4-hour time frame!
Better keep your eyes on this neckline resistance, as a break could set off a rally that’s the same height as the formation.
NZD/JPY 4-hour Forex Chart by TradingView
This yen pair made a couple of failed attempts to break below the 83.25 mark, creating a double bottom pattern with the neckline around the 85.75 level.
NZD/JPY has yet to test and break above the resistance to suggest that an uptrend of the same height as the formation could follow.
So, is the trend still our friend on this one?
Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on the New Zealand dollar and Japanese yen, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
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