NZDJPY S

Top Down Analysis:
- Monthly: Price is ranging in a rising wedge
- Weekly: We've had 3 strong weeks of rallys and previous candlestick showed rejection of 50EMA. Selling pressure expected for this week
- Daily: Friday printed a bearish Pin Bar rejecting the key daily level 79.150 and Mo/W descending Trend Line area, after Thursday's engulfing
marubozu. Signaling exhaustion + rejection.
- 4 Hour: We have 3 angles of price acceleration on the uptrend, meaning a reversal is near. Price faked out 79.150 level and broke below 20EMA.

Confluences:
-3 Weekly bullish candlestick, expect a pullback for the coming week;
-Pin bar rejection of resistance + descending trendline area on the Daily;
-Price extended away from Daily 20EMA, return to moving average expected;
-Fakeout on the 4H; Pin bar at the 79 level indicating rejection of the area + possible formation of 1st Lower High;
-3 angles of acceleration of the trend on the H4;

Entry Trigger:
-Trend Line break + Bearish Momentum Candle;

Stop Loss Placement:
-3 PIPs above trigger candle's high

Target Profit:
-78.000 key level + round number

Trade Management:
- Set and Forget.
______________________________________________________________________________

Comment:

RESULT:

TP Hit! +1.54R

Trade closed: target reached:

+1.54R