NZDJPY 1H Descending Wedge Short Trade

Descending Wedge is a bearish pattern. The bottom support needs to be broken @ 78.28. 1st TP is 27.2% fib @ 77.84. 2nd TP is 61.8% fib @ 77.27.

Comment:

Price broke above top wedge trend line with a 15m Break-Hook-Go. Price re-tested the previous swing high @79.10 which was a 50% fib retrace. Market makers needed to retrace to find some sellers. Now those sellers got a 50% discount & they entered the market and drove the price back down to the top wedge trendline. This weekend will pause the bearish momentum. Watch next week what the market decides to do.