Nice little channel forming here, I will be watching price near my highlighted zone if signs of bullish momentum show i will enter a buy. Otherwise if rejection is shown there I will consider going short here. Proper risk management, this is not financial advice.
Best of luck!
NZD/JPY - Entry for 24/02
Market closed on Friday with weak bearish candle
Bearish rectangle forming indicating continuation pattern
Will monitor on Monday to see if there's a bullush push towards resistance & if so take execute short position
Enter between 71.240 & 71.174 - RSI will be roughly 70% at this level
TP @ support 70.032 (monitor again at support to see...
With almost 80% bullish sentiment, this pair is a good candidate for shorting. I'm willing to short it from red area with marked targets.
Bear in mind that target timeline is not proportional - it can take up until April to reach the lowest one - if it will even continue to downside. If not, SL will solve the situation.
In case of downward continuation, SL can be...
NZDJPY respected demand zone at level 70.00
Price is above HVN at level 69.57 which indicates that pair is in accumulation phase
Price broke minor downtrendline
Above SMA 100 on H1 frame
RSI making higher lows
It's expected to target first key level at 71.30
then target major downtrendline at level 72.75