NZDJPY
Updated
Looks as if this pair can still continue its bullish push.
According to the monthly time frame we are still in the buying zone, and daily time frame showing that we are still in an uptrend.
Analysis:
1) Sub ABCD swing occurred completing the Gartley pattern
2) Sellers lost control in pushing price further down
3) Previous daily high was tested and taken out
4) Divergence occurred at daily double bottom
According to Fibonacci our target is around 81.207 should the market reverse at support.
Looking for pullback between 50% and 61% Fib levels, and will wait for rejection which also happens to be at support. If the market forms a doji candle at this zone, I will enter upon a counter trendline break on 1Hour TF.
According to the monthly time frame we are still in the buying zone, and daily time frame showing that we are still in an uptrend.
Analysis:
1) Sub ABCD swing occurred completing the Gartley pattern
2) Sellers lost control in pushing price further down
3) Previous daily high was tested and taken out
4) Divergence occurred at daily double bottom
According to Fibonacci our target is around 81.207 should the market reverse at support.
Looking for pullback between 50% and 61% Fib levels, and will wait for rejection which also happens to be at support. If the market forms a doji candle at this zone, I will enter upon a counter trendline break on 1Hour TF.
Trade active
SL = 77.251TP = 1277
position size = 1 Lot
Order cancelled
Market did not continue the bullish push for entry. However it eventually continued bullish towards target
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