Iv'e been waiting for this setup to confirm for a while now and have just entered the long position. Looking at the structure indicated in blue, we can see the initial impulse wave on the left of the chart, indicated by the first blue arrow. Then we can see a corrective structure which is in wave 3 to the downside at the moment. I have entered the long based on...
The corrective structure indicated in blue above shows that we can expect a reversal on NZDJPY at any point now. The possibility of wave 3 going lower does exist but ultimately there should be strong upside to come.
Hi there. Price is forming a continuation pattern to the downside. On lower time frame price is forming an another continuation pattern. Wait for the price to complete the continuation pattern that is forming on lower time frame and watch strong price action for sell.
Price was rejected twice from the 0.91---/0.92--- supply level. Price then broke below the 0.891-- structure. Price was rejected by that 0.872-- demand level, and is now sitting at that level. Let's see if it'll be rejected by that demand level pushing up and breaking that 3 month descending trend line.