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mcpeacocks

NZDJPY - 2 options

New Zealand Dollar / Japanese Yen (FX:NZDJPY)  
mcpeacocks Updated   
FX:NZDJPY   New Zealand Dollar / Japanese Yen
NZDJPY short LONG Head and Shoulders Support and Resistance
2
1
nzdjpy short long headandshoulders supportandresistance
Option 1 - wait for the neckline of the H&S to break and hold below the break for selling this with target of 0.7785 and stops above the right shoulder.
Option 2- wait for confirmation of retest of the resistance price is currently at and buy with target the previous high @81.71. This option is supported by Stoch and RSI being close to oversold, and has a better RR.

Comment:
neckline of H&S convincingly broken and closed below without any bounce.
conservative traders could wait for a re-test of the neckline to enter short.
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