Hi Traders! NZDJPY Short Term Forecast Update

Recap of Previous Forecast

On April 25th, 2024, I shared a post about the “NZDJPY Short Term Forecast And Technical Analysis” in our blog. In this post, we will do a recap of that setup and see how it has developed since then. If you are interested in learning more about our trading strategies and technical analysis methods, be sure to check out the Home Trader Club where free memberships are available!

My Idea

On the H4 chart, the price of NZDJPY, which was previously moving lower, reached a strong support level at 75.00. After bouncing off this support level, the price started to move higher, forming higher highs and higher lows. This bullish price action confirmed my initial idea of a potential reversal in the NZDJPY pair.

As the price continued to climb, it broke above the 76.00 resistance level, further validating the bullish bias in the market. The next key level to watch is the 77.00 resistance, where the price might face some selling pressure.

Overall, the NZDJPY pair seems to be in an uptrend in the short term, with potential for further upside if it manages to break above the 77.00 resistance level.

How This Forecast Will Affect Me

As a trader, this forecast provides me with valuable insights into the potential price direction of the NZDJPY pair. By being aware of the technical analysis and key levels to watch, I can make more informed trading decisions and potentially capitalize on the expected bullish movement in the market.

How This Forecast Will Affect the World

While the forecast for the NZDJPY pair may seem insignificant in the grand scheme of things, it is important to remember that the forex market is interconnected with the global economy. Any significant movements in currency pairs, such as NZDJPY, can have ripple effects on international trade, investments, and economic policies.

Therefore, a bullish trend in the NZDJPY pair could indicate a positive outlook for the New Zealand economy, potentially attracting more foreign investments and boosting exports. This could have a positive impact on the world economy as a whole, contributing to overall growth and stability.

Conclusion

In conclusion, the NZDJPY short term forecast update suggests a bullish bias in the market, with potential for further upside movement. As traders, we can use this information to make informed trading decisions and take advantage of the market opportunities. Additionally, the forecast’s impact on the world economy highlights the interconnected nature of the forex market and its potential implications on global economic activities.