Another range bound market making a nice setup to continue down. We can see here that price has created a range between 66.131 and 63.474. We would anticipate that when price will sell at this resistance after creating a nice bearish pin-bar. Although there was indecision in the market, sellers have managed to enter at a decent price.
Now, for us to change our bias to Longs we would expect to see price break above the resistance (66.131), retests and initially create a new support at 66.131 and continue higher. But for now, we will continue trading this range down. Let's see how this plays out.
NZDJPY SELL
Price: 65.905
SL: 66.449
TP: 63.881
Now, for us to change our bias to Longs we would expect to see price break above the resistance (66.131), retests and initially create a new support at 66.131 and continue higher. But for now, we will continue trading this range down. Let's see how this plays out.
NZDJPY SELL
Price: 65.905
SL: 66.449
TP: 63.881