NZD/JPY 1/27/2021 12:30 DAYTRADE
Fundamental/Sentimental
News Events: No events that are expected to move price action significantly
Market Sentiment: Bearish
Technical
Time Frame Analysis:
Monthly about to close on an exhaustive note
New uptrend springing out of a down trend
Impulse has yet to see a correction and a structural level at the previous high of the previous impulse seems highly attractive to it
Weekly Possible consolidation, neutral for the most part
Double top formation is a potential pattern we could see here
At a glance, another structural level between the 50 and 61 weekly fib seems like a target
Daily On a smaller uptrend but price seems like it's beginning to struggle. Sellers have power by the looks of it
4H Between some critical levels
1H even smaller uptrend. Sellers with potential power
Reason for Trade: This course of action is a justified prediction based on very similar behavior I've backtested on this pair. Supporting trendline seems like a very attractive target with selling pressure from the currently testing neckline.
Indicators: RSI indicates we may have a bit more juice to squeeze out of this one
Entry
Order: Limit Sell at 74.908
Position: 0.1, 5000USD
RR: 3.18
Fundamental/Sentimental
News Events: No events that are expected to move price action significantly
Market Sentiment: Bearish
Technical
Time Frame Analysis:
Monthly about to close on an exhaustive note
New uptrend springing out of a down trend
Impulse has yet to see a correction and a structural level at the previous high of the previous impulse seems highly attractive to it
Weekly Possible consolidation, neutral for the most part
Double top formation is a potential pattern we could see here
At a glance, another structural level between the 50 and 61 weekly fib seems like a target
Daily On a smaller uptrend but price seems like it's beginning to struggle. Sellers have power by the looks of it
4H Between some critical levels
1H even smaller uptrend. Sellers with potential power
Reason for Trade: This course of action is a justified prediction based on very similar behavior I've backtested on this pair. Supporting trendline seems like a very attractive target with selling pressure from the currently testing neckline.
Indicators: RSI indicates we may have a bit more juice to squeeze out of this one
Entry
Order: Limit Sell at 74.908
Position: 0.1, 5000USD
RR: 3.18