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NZDJPY: Possible BM forming on H4

On a bigger picture look, we see that price has done a WR of a previous year high.

Price has done a WR of 2013's 52 week high

Price has done a WR of 2013’s 52 week high

  • With price above a crucial level of a 52 week high, we would be more inclined to buy.

D1 shows 1234 Buy pattern

1234 pattern in D1 with price at F6

1234 pattern in D1 with price at F6

  • On the D1 charts, the previous bullish expansion in March fits the criteria of a Big Move.
  • At the moment, a 1234 pattern is clearly visible with point 4 supported by previous D1 box high.
  • Price has since completed a WR trigger and is now currently resisted by the F6 level of (pt1 to pt4).

Looking at H4, a Big Move might be formed.

Characteristics of a Big Move can be seen forming on NZDJPY

Characteristics of a Big Move can be seen forming on NZDJPY

  • On H4, we can see price has expanded above many many weeks of highs and lows.
  • If price can close high this week, any 1234 pattern would enable us a trade to capitalise on this Big Move strategy.
  • Next immediate Resistance could be the zone formed by the highs of March and May 2014

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2 thoughts on “NZDJPY: Possible BM forming on H4”

  1. William Ang Yong Ching says:

    jerome, this also apply to nzdusd pair? The pair look exactly the same pattern as nzdjpy.
    thanks

    1. Jerome Lee says:

      Hi William,

      In general, we can see that NZD is strengthening hence the patterns in the related pairs and crosses will exhibit some similarities. However as I always say, treat each pair as its own and have a separate analysis for each pair.

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