NZDJPY Trend Continuation Short Set Up

Short

New Zealand Dollar / Japanese Yen (FX:NZDJPY)

FX:NZDJPY New Zealand Dollar / Japanese Yen

NZD jpy NZDUSD USDJPY NZDJPY short SELL swing scalp trade trend down downtrend

nzd jpy nzdusd usdjpy nzdjpy short sell swing scalp trade trend down downtrend

Although this pair has been quite choppy it clearly has an overall bearish bias to it. You can see marked in red that this pair is continually making lower highs and lower lows. In addition to the clear down trend, the JPY has been very strong across the board in other JPY associated markets. For these reasons there is absolutely no sense in attempting to buy this pair at this time and for that reason we are only interested in finding short set ups. We can look to follow the down trend by waiting for corrective pullbacks to end and for price to roll over and continue in the down trend.

Price has been in a corrective pullback for quite some time now as depicted by the short term blue up trend drawn on the chart. If we see price convincingly break out of this pull back to the downside we may be able to open up a short position and ride with the trend to re-test the previous low or potentially make a lower low.

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