In the dynamic world of financial markets, success is often measured by the attainment of set targets. Recently, the GBPJPY and NZDUSD currency pairs have surged to meet their projected targets, signalling the effectiveness of market analysis and trading strategies. 

Meanwhile, the Nikkei, a key index reflecting the Japanese stock market, has begun its descent, sparking attention among traders. We delve into the achievement of targets for GBPJPY and NZDUSD, while also examining the current state of the Nikkei.

The GBPJPY Performance 

(UPDATE) - GBPJPY has reached the target.

GBPJPY is now trading at the previous high around 183.900. This completes the bullish trading setup and traders are out of the market. At the moment the market is providing different scenarios around this zone and traders will now monitor how the market reacts to it.

A break and a close above the zone could indicate a continuation of the trend or a rejection will likely see prices drop. Traders will first wait for the above-mentioned confirmation before looking for trading opportunities.

The JPN225 (Nikkei) Performance 

(UPDATE) - The Nikkei is set for a continuation to the downside.

The market has been trading within an inner ascending structure after an aggressive drop from the top of the bigger descending structure. This price action is a pattern traders use to confirm a continuation to the downside before looking for trading opportunities. As such, traders are bearish and anticipate the market to drop to the bottom of the bigger structure.

Read More: EURJPY Has Broken The Top Of The Triangle As Anticipated

The NZDUSD Performance 

(UPDATE) - NZDUSD dropped 90 more pips.

NZDUSD failed to break above the resistance zone around 0.60860 and continued trading lower. This price action confirmed a continuation of the downtrend. At the moment the market is trading closer to the target and the bottom of the bigger structure and as such,  traders will use this to scale out of the position and wait for the market to reach the target.

Final Thoughts On Today’s Analysis 

In the fast-paced arena of financial markets, hitting predetermined targets is a gratifying accomplishment that underscores the importance of informed decision-making and astute analysis. The GBPJPY and NZDUSD currency pairs have showcased their potential by reaching their projected targets.

The Nikkei's downward movement serves as a reminder of the multifaceted influences that shape market trends. As traders navigate these developments, adaptability and a proactive approach will remain crucial in seizing opportunities and managing risks in the ever-changing landscape of global finance. Watch our YouTube channel to learn more about our analysis.