Current price: 84.85
Key point: 84.75
Our preferred direction: buying positions above 84.75 levels, targeting 85.45 as a first target, then 85.75 as a second target.
Alternative scenario: stop loss and change direction by breaking 84.75, targeting 84.00
Technical comment
The New Zealand yen pair rose on the four-hour time frame from the support levels 83.45-83.75, and currently it is settling above the moving average 100, and is on its way to breach the neckline of the reversal head and shoulders pattern, so that the price is expected to continue rising to the levels of 84.45-85.75.
