After a strong bearish impulse, NZDJPY has been ranging between two trendlines and may now be ready to continue its bearish push. Ideally, traders should wait for a break and retest of the supportive trendline as price can easily respect the trendline and continue upwards to the resistive trendline. First targets can be placed on the trader's reward goals, and a stop loss based on their risk appetite. The ultimate target is the Key Level (previous resistance now acting as support). Trade reactively and NOT predictively; respect price action.
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Be sure to follow me for more ideas and analyses. Leave a comment with your thoughts below.
Best of luck traders!