The NZD/JPY pair on the M30 timeframe presents a potential selling opportunity due to the presence of a bearish channel pattern.
Sell Entry: Consider entering a short position around the current price of 91.65, positioned near the current price within the channel.
Target Levels: The initial bearish target lies at the 91.15 level, which represents the previous support line within the channel. Further downside targets could be determined using other technical analysis methods like Fibonacci retracements or extensions.
Stop-Loss: To manage risk, place a stop-loss order above the broken resistance line of the channel, ideally around 91.85. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you.
Trade active
⋅
Weak New Zealand Data: Recent data releases from New Zealand, including a decline in business confidence, suggest the economy might be facing headwinds. This could weaken the New Zealand Dollar (NZD).
Weaker Risk Sentiment: Global market sentiment has turned cautious again, potentially benefiting the JPY as a safe-haven asset and putting downward pressure on NZD/JPY.