NZDJPY potential buying opportunity, the weekly chart shows an impulse - correction pattern, after every impulse & correction next impulse is formed.
Things to consider:
1. Strong weekly impulse followed by short term correction
2. Correction wave retraced 0.382 Fibonacci level and rejected 2 times
3. Price is moving up from strong weekly support
4. COT data:-...
The market came and retested the trendline again in 4hrs. So we went down to the lower timeframe for entry. After the breakout of previous resistance in 30 mins we took this trade with a very good 1:2 risk to reward.
we took this trade very earlier before and got stopped out. So we are in this trade again.
The daily and weekly shows that the NZDJPY is in a strong uptrend. Going down to a lower time frame the market is in a correction of the uptrend and also using fib retracement the market has exactly taken 61.8% retracement and started to move up.
So, what kind of situation we have in NZDJPY pair. If we see the trend lines, it's saying that it's a good time to short this pair as this region holds strong resistance.
Also, in the 4 hr chart, we got conformation to sell this pair. So, if we take a short here then we will be taking profit at 65.300 approx. with a stop loss of 66.200. It's a good risk to reward...
On Friday NZDJPY rallied near to 65.00. So what's next?
According to the trend channel, it must bounce back to 64.00 levels approx. BUT this time it may be breaking this trend and in that case, we will be seeing 66.500 levels approx. and on the downwards direction there is support holding still at 65.00. So, a rebound might be seen from there.
What should be the...
NZD JPY is currently around support in the daily chart and also, according to the pattern formation. It must bounce back from here to 65.00 and above levels.
So, it may be a great opportunity for those who are looking to enter a long position with a stop loss at 62.900 and the first target to 65.00 because there is a resistance at 65.00. If it breaks it then we...