NZDJPY: Trade Opportunities in The Price Channel

The price moves in the borders of a horizontal price channel.
DMI does not support the strength of buyers and sellers, and it means we should be ready to see the further sideways movement.

The price reached the bottom of the price channel, and it gives us several trade opportunities depending on the price action in this zone.

If the price bounces from 70.00 support, it will be a buy opportunity with a stop below the support and the main profit target at 71.350 resistance.

The same buy opportunity will be with a false breakout. We just need to place a stop order below the swing low.

If the price breaks 70.00 support and ADX line of DMI starts an upward movement, it will be a sell opportunity. Stop orders for sell trades must be placed above the local swing high, and the main profit target at 69.00 level.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.