Looking at the NZD vs JPY we can see price has pulled back to the previous month low at 88.746 which is now resistance for the pair. Once it hit the previous month low you see the rejection from the previous candle. I placed my entry below the previous Pin Bar
with a SL above the rejection level at the previous month low. Our daily chart
shows a massive violation of the previous month low support level
. If price is going to violate a level it usually happens with a big candle instead of playing around at the level. That move has taken price to the bottom of the daily Kumo at 87.947 where we might find support. The daily chart
shows price inside the Kumo Cloud and I am expecting a violation therefore I am entering off of the H4 chart shown. My target is based of of the one to one market ratio with the fib expansion tool taking me to 86.981 but I do believe ultimately we might see the market attack the support level
Check me out at fxatoneglance.com for more ichimoku
analysis and until next time, God bless!