OGFXTRADER

NZDJPY H4 SHORT PRICE ACTION FORECAST

Short
FX_IDC:NZDJPY   New Zealand Dollar / Japanese Yen
This pair's price action is forming an H&S pattern at the H4 intraday timeframe. From a broader look in the weekly realm, it closed last week at the same level of a previous high (for another double-top) and with a precise bearish pin bar for a clear reading on the force form a downward movement ahead.

However, it has kept into consolidation trough out this week, with mixed signals without explicit confirmation of a downtrend. A second double top has just formed in the intraday, reason why a short entry is going to be taken after the breakout and re-test of the drawing area.

The order:
Type: sell-limit
S/L: 44 pips - R:R | 1:2.6 -
T/P: previous high

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