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JPY is moving in a nice range for the last while, which means we're going to trade mean reversion. I've learned that RSI, Stochastic and other overbought/sold indicators are more useful for this than trend trading, so we'll rely heavily on them for this type of setup.
- JPY is right at the top of the trading range, being clearly rejected with fat bearish candle ...
Traversing in an Upward direction , the price just bounced off from the lower updtrend support .
After completing a 5 waves upmove which ended up broken in a strong impulsive manner, the yen is stuck in a Consolidation pattern which remains yet to identify but could be a Range.
After failing at breaking lower, price bounced and is now forming what looks to be bullish flag. Unless price manage to break the bottom, I'd expect more upside to revisit the top of ...
JPY NZD seems to be in an inverse H n S and a Pennant. If everything goes according to plan, buy the retest.
NZD is a currency that I do not want to long right now. It is now approaching its strength resistance from 2013. There is a small room for strength. I would prefer Australian Dollar though. So in case we want to be bullish Euro, Pound, or US Dollar, the Kiwi can be the currency to short with.
NZD can still appreciate further towards the red bar before any ...