mikechapuma

Short opportunity (NZDJPY)

Short
OANDA:NZDJPY   New Zealand Dollar / Japanese Yen
The Monday's daily candle has closed as an indecision on a key resistance zone. This candle's long upper wick signals a strong bearish price rejection. We are waiting for price to fall below the previous (Monday's) candle, making a lower low, which will signal that sellers are now taking control of price. We therefore look to go short at 72.265. However our set up will be invalidated if price makes a higher, rallying above Monday's high (signalling that bulls have taken control of price),hence our stop loss is placed slightly above the wick of the previous candle at 72.948. Our take profit will be near the next support level at 70.665
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