KennTrade

NZDJPY idea inadvertently published under EURJPY prior to 4 July

FX:NZDJPY   New Zealand Dollar / Japanese Yen

Prior to the 4th of July holiday, I published a trade idea from this weekly chart - (See chart inset for notes) and inadvertently published it under EURJPY. I didn't change my Tradingview chart to NZDJPY and it happened to be on EURJPY. I then managed to write like the idea was for EURJPY, even though all of the prices were for NZDJPY...needless to say I ended up screwing up a nice chart idea and confusing other traders in the process. Anyway, here is the weekly chart for NZDJPY. (I linked this idea to my original write-up)

We are currently entered into a price cluster of resistance that stretches from 82.144 to 83.375. Should price break through these levels, it needs to break through the double top. In addition, for the rally to keep moving higher, the Inverse Head & Shoulders pattern needs to break through a price gap of resistance from 83.863 to 84.674.

This is a great deal of resistance to overcome. I'm not saying that it can't happen. I'm just very skeptical. I will be keeping my eye on this pair and should price stall out in the aforementioned resistance areas, I will be short. If price happens to break through all of these levels and stays above the gap, I will look to enter long on a retest or the break of a prior days high. Bottom line - I'm waiting to see what happens, then I will react. I'm not going short and stepping in front of a bull without price showing me weakness.

I apologize to any trader that looked at this idea as published under EURJPY. I tried to correct it in the comments, after a trader mentioned the chart inset dealing with NZDJPY. I'm republishing this in the correct forum to provide people this analysis because the idea is still in play and could be in play for a few weeks.

Thank you
KennTrade

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