Bear 123 - 1HR TF - Short-term correction?

FX:NZDJPY   New Zealand Dollar / Japanese Yen
What we have here is a SHORT position on NZDJPY (1HR Timeframe)

My Bias:
  • 1HR Setup was preceded with a Reg Bear Divergence
  • PA showed a rejection of the 88.6 level, confluenced with a supply zone at 75.975
  • Missed WEEKLY and MONTHLY pivots at 75.03 and 74.0897

In the context of the Higher Timeframe:
  • WEEKLY PA had been making new lows, however we have a Bullish CTL close
  • DAILY also formed a 123 with P3 rejecting the 200MA and 78.6 fib level/88.6 fib fans

i'm expecting the ride the wave down to the WEEKLY TL, to retest then i'll re-evaluate my position and look for potential LONGS



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