Two Scenarios... Your Choice!

FX:NZDJPY   New Zealand Dollar/Japanese Yen
28 0 0
Two possible scenarios could take place within this pair.
Scenario 1( Bullish ): Prices respect upward wedge , stays above .236 retracment level, breaks out and tests .5 retracment level. S/L could be placed just at or below critical level S1 and T/P could aim to hit .618 retracment level just below the upper range of the wedge formed on D1 chart (upper green highlighted area). This scenario seems a bit more plausible since this pair is on a leg up from D1 wedge structure.
Scenario 2( Bearish ): Prices break down out of upward wedge , retests wedge structure below .236 reracment level and revisits bottom of D1 wedge structure. S/L could be placed at or above critical level S2 and T/P back towards bottom of D1 wedge (red highlighted area).

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