Countertrend pullback into daily and weekly support. Looks like the bullish impulse wave is over-extended and I am expecting a short term swing to the downside before it continues much higher.
-Solid black lines are weekly levels support/resistance (major) -Dotted black lines are daily levels support/resistance (minor)
Thanks for sharing your idea on NZDJPY, I am bearish on it as well with a longer term view. NZDUSD is forming a nice descending channel and we found a resistance at 78.08 which is also a horizontal swing high resistance, 61.8%, 50% Fibonacci retracement , 100% Fibonacci extension.
Stochastic is also seeing a nice setup for a nice drop
SMPTrader
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Great trading idea!! Definitely feel the same. All currencies against the JPY may have a small pull back but I think next week we will see further moves to the south
Keep it up :)
Keep trading :)