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NZD-JPY: Significant Breakout Despite Year-End Atmosphere

Publish Date16/12/2012 08:07:07 PM

Last Update17/12/2012 06:36:46 AM

NZD-JPY: Significant Breakout Despite Year-End Atmosphere

 

 

From the first look at the NZD/JPY pair graphs over various timeframes, we notice that this pair has been trapped within a sideways range for the past forty months.

Actually, we chose the weekly studies which could easily  prove the veracity of our bullish outlook for the pair over short term basis.

 

 

 

 

Click on the image for a larger view

Our constructive bullish outlook is based on the following technical factors:

  • The breakout above the upper line resistance of the multi-year range zone.
  • Stability above Ribbons Lines (EMA 10 to 80).
  • The obvious positive sign on Vortex indicator.

Henceforth , any pullbacks to retest the broken horizontal resistance line and also to relieve the RSI 14 should used as well to enter a long position with suitable quantity mainly targeting 77.30 in order to meet 61.8% Fibonacci level of the entire downside rally from 97.75 (2007 high) to 44.20 (low of 2009).

Our risk limit resides at 66.45. 

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