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NZD/JPY Bullish SHS Pattern: Uptrend Continues After Retracement

NZD/JPY technical analysis

  • NZD/JPY is in uptrend.
  • Market is having a retracement.
  • M L3 camarilla pivot is support.
  • Uptrend i expected to continue.

  1. Left shoulder.
  2. Head.
  3. Right shoulder.
  4. Bouncing zone.
  5. Target.

The price is bullish. However, the pair is retracing and we could estimate the end of a retracement currently around the M L3 camarilla pivot -80.29. However, the JPY is getting strong and this could be only due to the ADP and NFP this week. Positioning is done at important s/r levels prior to the NFP as all JPY and USD markets will be affected. If the daily shows a reversal pattern at the bottom, look for buying the dip. Targets are 81.20 followed by 82.20 and 83.63.

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