NZDJPY Cup and Handle Daily Chart
NZDJPY great market structure analysis. We have been in a downtrend with lower highs and lower lows. This trend began to exhaust at the support/flip zone of 67.00 where we made a double bottom, an exhaustion pattern.
We stopped making lower highs and seem set to make our first higher low but it needs a higher high (break and close above the 69.80 zone to confirm this).
We can also see this break would create a cup and handle like formation. Our target is the 72.30 zone.
Conversely, there could be a 4 hour short set up.
This would require a break and close below 69.00 to trigger a short.
We stopped making lower highs and seem set to make our first higher low but it needs a higher high (break and close above the 69.80 zone to confirm this).
We can also see this break would create a cup and handle like formation. Our target is the 72.30 zone.
Conversely, there could be a 4 hour short set up.
This would require a break and close below 69.00 to trigger a short.