NZDJPY: Big Move cements Strong Up Trend
Overview on the higher time frame
Support seen on Weekly charts of NZDJPY
- Price is currently above supports
- Previous year showed a strong bullish expansion with no change to that sentiment.
So, what now?
Week to Week price is still up for NZDJPY
- On H4, we can see that week to week, price is still plotting up.
- Previous week was a bullish expansion over 3 H4 boxes high which meets a Big Move criteria.
- At the moment, we are waiting for the formation of pt4 which could likely retrace to previous boxes highs.
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Thanks for the reply Jerome.
Hi jerome, spotted a inverted hammer on H4 after the Big Move. Do you think a reversal is possible?
Hi Keith,
For reversals, look out for chart patterns as a first sign. In the absence of chart patterns it is unlikely there is going to be a reversal.
ok thanks