my elliot wave analysis shows that the price of nzdjpy are in triangle correction.
for short term trading.i would put entry on the area 80.75.the target profit will be on the area of resistance and upper trendline 81.20.this target for short term is to forecast whether the price move for its wave D triangle or rebounce to complete its wave E triangle.
for long term trading.i would find the entry on the level of 80.40.the target profit will be on the resistance area and the cluster of wave 3 impulsive wave.the target area is 85.80.
the other reason i would go long for this nzdjpy is due to the candlestick formation that indicates the candle exhaustion and the buyer start to push the price up.
disclaimer ------------------------------ this forex trading idea was published for the purpose of study only. all the risk taking are at your own responsibility. ------------------------------