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FinancialGamblR

Potential Reversal Play on NZDJPY

Short
New Zealand Dollar / Japanese Yen (FOREXCOM:NZDJPY)  
FinancialGamblR  
FOREXCOM:NZDJPY   New Zealand Dollar / Japanese Yen
Support and Resistance Candlestick Analysis Multiple Time Frame Analysis Forex trading analysis daytrading priceaction swingtrading trend
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supportandresistance candlestick mtfa forex trading analysis daytrading priceaction swingtrading trend
Observed a reversal and channel break on NZDJPY. It's a bit too early to tell at the moment given that I haven't seen anything structural over on the weekly timeframe. But, getting in early does help ensure a high R:R if this trend holds.

Over the past two months, I've marked four points of interest:
  1. Price breaches previous high formed around mid-June of this year.
  2. After a quick pullback, price re-tests the high but fails to sustain.
  3. This is where we see the neckline breach as price closes below a prior support level.
  4. A range was formed mid-October and Friday's close was a good indication that I should be keeping a close eye on this pair for further downside action next week.
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