NZDJPY: Full Target Done, Position Closed!

In this quick technical update for the NZDJPY, we will see how the pair has achieved the awaited breakout as we expected on May 29.

The following figure shows how the pair has reached the full target level, marked by the 23.6% Fibonacci retracement of the wave from 84.05 to 94.03.

NZDJPY-10-06-2015-FXCOMMENT

The negative pressures may continue and we said “re-visiting 84.05 is likely”.

However, the Fibonacci 23.6% was our main objective and with touching it, we are comfortable with the profits we made.

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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