NZDJPY had an aggressive sell on Dec 2018
from 1 to 2 it took 20 candles and it went down for almost 960 pips
strong bearish candles and only few bullish candles
in 2019 this pair was in retracement mode
from 2 to 3 it took 23 candles to rise 670 pips
very weak bull candles and many bearish candles
this is telling us that sellers are still in control of market and they will push the price down
finally it made a tight rising wedge to the 61% fibo level
6 Feb 2018 it printed a nice bearish breakout candles that engulfs 7 previous candles
a sell stop few pips below the minor support 74.400 will be perfect for entry
stop loss is above the 61% fibo level
first target will be last low which gives 1.4 R on this trade
second target will be 69.100 which is 6 years low
from 1 to 2 it took 20 candles and it went down for almost 960 pips
strong bearish candles and only few bullish candles
in 2019 this pair was in retracement mode
from 2 to 3 it took 23 candles to rise 670 pips
very weak bull candles and many bearish candles
this is telling us that sellers are still in control of market and they will push the price down
finally it made a tight rising wedge to the 61% fibo level
6 Feb 2018 it printed a nice bearish breakout candles that engulfs 7 previous candles
a sell stop few pips below the minor support 74.400 will be perfect for entry
stop loss is above the 61% fibo level
first target will be last low which gives 1.4 R on this trade
second target will be 69.100 which is 6 years low