FX:NZDJPY Reversal potential 67.710 with SL at 67.530 and three potential targets.
Note:
Please Consult Your Financial Advisor Before Taking Any Decision
Always risk 1% of account size per trade, adjust the position size accordingly
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (71.500). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. NZDJPY is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support....
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (75.2). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. NZDJPY is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
....
The descending triangle formed in the counter paints a bearish bias in the counter.
The price is currently at a support zone, however, we expect it to break paving way for a short trade.
Hence, traders can go short only after a bearish candle closes below the support zone.
![NZDJPY: NZDJPY Long Setup [4H]](https://s3.tradingview.com/s/sVfaRMjo_mid.png "NZDJPY Long Setup [4H]")
