Technical analysis NZDJPY for 12.05.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 84.450. The closest resistance is the level 84.800

Key levels

• 85.750, 85.325, 84.800, 84.450, 84.000, 83.650

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 84.800, with Take Profit of 85.325 and Stop Loss of 84.450

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 84.450, with Take Profit of 84.000 and Stop Loss of 84.800