Hello traders around the world!
My name is Alexandre Karim from the primes community & today we will talk about NZDJPY.
First of all, let us take a look on the higher time frame (Weekly chart) and draw a major trend line catching the high of Monday 16 July 2007 (98.000) & the high of Monday 5 January 2015 (94.000) and prolong it till it reaches the current price (The TL will be slightly above it) the current price is at 86.066 (Its Sunday so the market is currently closed).
Our area to short NZDJPY would be around 90.000 / 91.000 & we will be waiting for a reversal pattern in this area to execute.
Since March 2020 the price is correctively moving up reaching our key area that we're waiting for. So on the daily chart we can draw an ascending channel from March 2020 till present. Focusing now on the upper TL of this ascending channel which we connected the high of Monday 1st of March 2021 (79.045) & the high of Monday 18 April 2022 (87.324) and prolonging it to see where the price might reverse.
The third area would be very recent which is the high of the middle section at 87.774.
On all of these areas we must wait for a reversal pattern to take a short position.
Patience is key.
#THEPRIMES
My name is Alexandre Karim from the primes community & today we will talk about NZDJPY.
First of all, let us take a look on the higher time frame (Weekly chart) and draw a major trend line catching the high of Monday 16 July 2007 (98.000) & the high of Monday 5 January 2015 (94.000) and prolong it till it reaches the current price (The TL will be slightly above it) the current price is at 86.066 (Its Sunday so the market is currently closed).
Our area to short NZDJPY would be around 90.000 / 91.000 & we will be waiting for a reversal pattern in this area to execute.
Since March 2020 the price is correctively moving up reaching our key area that we're waiting for. So on the daily chart we can draw an ascending channel from March 2020 till present. Focusing now on the upper TL of this ascending channel which we connected the high of Monday 1st of March 2021 (79.045) & the high of Monday 18 April 2022 (87.324) and prolonging it to see where the price might reverse.
The third area would be very recent which is the high of the middle section at 87.774.
On all of these areas we must wait for a reversal pattern to take a short position.
Patience is key.
#THEPRIMES
