CORRECT ALL WENT WELL BOTH TARGETS GOT HIT...NOW WE HAVE ANOTHER REJECTION AT RESISTANCE M ON A SELL AGAIN
ICmarkets
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Nice identification of a descending channel on NZDJPY and there may bearish bias as you have identified. For our set up, we have identified the key resistance and support levels. The support level that we have identified is at 72.406, which coincides with the lower limit of your take profit zone. It is a horizontal swing low support, with 61.8% Fibonacci extension and 78.6% Fibonacci retracement. Stochastic is approaching its support at 2.3% and a potential bounce may occur. If a potential bounce does occur, we may want to look closely at the 74.229 resistance level. It is a horizontal swing high resistance with a 61.8% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at our idea and share with us what you think.