FxGeneral876

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).

Good Luck!
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out