NZDJPY has continued its wave 3 advance and is now testing pivotal trend line resistance as this contains, look for a follow through below yesterdays low to set up a wave 4 correction to the 80 handle from above as this area supports watch for bullish reversal patterns to set long positions for the wave 5 upside extension
Prices are facing bearish pressure from the resistance zone, in line with the 50% fibonacci retracement where we could see a further downside below this level. Ichimoku cloud and 34 EMA are showing signs of bearish pressure as well, in line with our bearish bias. A break below the 81.50 support area is needed to see further downside.
". There is still a possibility of temporary retracement to the suggested resistance line (82.24).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
. NZDJPY is in a downtrend, and the continuation of the downtrend is expected.
. The price is above the 21-Day WEMA, which acts as...
We are using our trend following EDGE strategy for this trade.
Entry details are shown on the chart.
Working the 30M time frame on this strategy.
We're only looking for TP3.
The trade history can be seen at the foot of this trade idea too for full transparency.
Previous trades can also be seen on chart.
The long trade that found TP was covered in an idea...
NZDJPY has respected the resistance level of 77.921 and moving back to our support on 76.400
Reason for trade : A Doji has formed on the 4 hour time frame and also respected the level which gives me the confirmation for a down trend
Use proper risk management when trading
I always use risk ratio of 3:1 win 3 and loss 1
#nzdjpy, jpy quite weak since last few weeks, 21st daily bar is key reversal bar mostly jpy pairs. this is early indication for jpy strength while trend is still weak in jpy. 21st daily bar dictating correction in jpy pairs. short nzdjpy with two levels mentioned in chart by dividing risk equally on both. target 80.05
NZDJPY had hit the trendline resistance and it will have a small retracement, but if for those long term trader can get a higher RR which is 1.81. Here is my own personal idea for this currency pairs, and I will share my price as below :
SELL @ 77.780
TP 1 : 77.400 - 77.300 (short term)
TP 2 : 76.800 (mid-long term)
SL : 78.320
this currency pair has been trading inside the given Channel for quite some time now .After observing the last week's movement , it's quite evident that this currency pair is looking to sell. hence i will wait for 61.8% retracement to complete and then take a Target for sell after observing a clear rejection of the 61.8% level on the 4 h Chart . My final Target...
NZDJPY - Potential Descending flag along with Bat! Once we get a break out our targets for swings will be the 100/200% (200% also lands at the Bat D point) Which also taps into a large imbalance! Lot's more confluences on top of this too! Will be a nice swing once confirmed!
Let me know your thoughts!
NZD - Strong Bearish
1️⃣ The risk-off tone has hit high-beta currencies like the NZD.
2️⃣ Investors remain worried about China Evergrande Group’s unresolved debt crisis.
JPY - Weak Bullish
1️⃣ A gloomy market environment could benefit the JPY.
We are selling the NZDJPY after it failed to break the resistance.
Risk to this...