Head and Shoulders pattern forming on NZD/JPY. Waiting for confirmation close below 81.38 before entering.
Breaking out of its bullish trend channel established since March 2016.
Short on NZD/JPY, likely to follow suit wth USD/JPY.
Triangle with supporting overhead trend resistance.
TP2 80.60 at Fibonacci 161.8 level
I wouldn't advise buying against this larger retracement unless current structure breaks.
For now, looking for candle confirmation of a short sell at around 84.90 as a short-term continuation play
Looking for candle confirmation for a sell at around .7310
Profit Target: .7240
Stop Loss: .7335
No signs of larger retracement from buyers yet.
Looking for a quick 15 pips before looking for more shorts.
Need price to break current short term trend line and 50.0 fib level to hold longer shorts.
Price closed above the Daily downtrend and expect a short term move to the upside.
Will place initial targets on most recent resistance at .7375.
After the pullback I will look to add more longs.