The macro trend is bearish with consecutive lower highs, price is currently establishing a probable bearish retest. This allows us to have a bearish bias on the market.
The Dynamic support is the immediate target as this area has technical confluence with the 200 MA & EMA. Price is likely to test for liquidity in this region before a probable impulse up.
Both oscillators are diverging, technical bearish divergence; this shows weakness in the market as price fails to break daily S/R.
Overall, in my opinion, NZDJPY is a valid short with defined risk. Price action is to be used upon management/ discretion.
Hope this analysis helps!
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“The expectation that you bring with you in trading is often the greatest obstacle you will encounter.” ― Yvan Byeajee
my analysis