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NZD/JPY: Does the flipped support push the bull further up?

NZD/JPY has been bullish on the daily chart for the last three days. The price upon finding its support at a double bottom produced a bullish engulfing candle. Since then the price has been heading towards the North. The H4 chart shows that the price has been in consolidation and the price has already produced a bullish inside bar. The buyers may go long above consolidation resistance.

Chart 1 NZD/JPY H4 Chart



The H4 chart shows that the price has been heading towards the North with good bullish momentum. It made a breakout at 65.800 and consolidated within 65.800-66.170. The level of 65.800 has already produced a bullish inside bar. Thus, if the price goes towards the North and makes a breakout at 66.170, the buyers may go long and push the price towards the North further. Since the reversal candle comes out as an inside bar, the price may produce a bullish engulfing candle before making the bullish breakout. That would attract more buyers.

Trade Summary:

Entry: Buy above 66.170
Stop Loss: Below 65.800
Take Profit 1: 66.475
Take Profit 2: 66.675
Take Profit 3: 67.000

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Thursday, 21 May, 2020 / 11:59

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