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AEFX786

NZDJPY Short (Sell) Trade Setup Idea

Short
New Zealand Dollar / Japanese Yen (FX:NZDJPY)  
AEFX786 Updated   
FX:NZDJPY   New Zealand Dollar / Japanese Yen
Trend Analysis Fibonacci Supply and Demand NZDJPY nzdjpysell nzdjpyshort nzdjpysignal nzdjpyanalysis nzdjpyforecast nzdjpyidea nzdjpytrade
4
5
trendanalysis fibonacci supplyanddemand nzdjpy nzdjpysell nzdjpyshort nzdjpysignal nzdjpyanalysis nzdjpyforecast nzdjpyidea nzdjpytrade
NZDJPY is approaching a strong sell zone. We can see price previously reacted from this level quite dramatically. We're looking for potential shorts from here back to the support zone.
Comment:
TP1 Hit
Comment:
Price pulled back to a previous support and tested it as resistance. The pullback slowed into a bearish rising wedge pattern, which peaked as it touched the resistance level and then broke to the downside.

Quite possibly, this could be the end of the pullback and we'll now be looking for the next leg down.

snapshot
Comment:
Closing early to preserve profits. Price action is very bullish and the reaction from the 1H demand zone was stronger than I anticipated. We may break further below but for now, my sentiment is that we will move higher towards 74.950 where I will be watching for another potential short.
Comment:
TP2 Hit
Trade closed manually:
Forgot to close this. Stopped out after TP2, stops were in profit.
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