The NZD/JPY pair on the M30 timeframe presents a potential selling opportunity due to a well-defined bearish channel pattern. This pattern suggests ongoing downward pressure and a higher likelihood of further declines in the coming minutes or hours.
Key Points:
Bearish Channel: The price has been trading within a downward-sloping channel defined by two converging lines: a falling resistance line and a falling support line. This ongoing downtrend signals continued selling pressure.
Sell Entry: Consider entering a short position around the current price of 89.95, which sits close to the channel resistance. This could offer an entry point near a potential reversal point.
Target Levels: Initial bearish targets lie at the support levels of 89.30 and 88.92, marking previous support zones within the channel.
Stop-Loss: To manage risk, place a stop-loss order above the channel resistance line at 90.30. This helps limit potential losses if the downtrend breaks unexpectedly.
Fundamental Updates :
JPY - Service PMI - Now comes with Positive data.
Weaker New Zealand Business PMI: Recent data showed a decline in New Zealand's Business PMI for January, raising concerns about the country's economic health and potentially weakening the New Zealand Dollar (NZD).
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Nzd/Jpy move sl to 90.42📣📣
Trade closed manually
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As per Intraday analysis, Nzd/Jpy already moved upto +25 Pips in Profit, and due to Reversal, now close at Entry point📣📣