NZDJPY setting up to break for a short next week?
ON THE DAILY
We see a clear double top and neckline formation highlighted by the dashed red lines. The pair is showing a brief retracement but appears to be breaking downward toward the neckline, which I have set just below the wicks at 80.398.]
The yellow box draws attention to a Bearish Big Shadow (Naked Forex), which is the largest candle out to the sixth degree, though admittedly it does not occupy a large amount of "unique space." Additional but weak evidence toward the claim for a short.
ON THE FOUR HOUR
Various solid light blue lines show areas of supoort/resistance that have been tested/retested/broken before this downward trend began, adding strength to the hypothesis that this is a real downward break.
The purple channel and blue forecast arrow would have us believe, that, barring any wicked events or bounces/retracement off the neckline, we could expect our short to be triggered by the middle of next week before plunging down to the dark blue daily basal trendline.
Cheers!
We see a clear double top and neckline formation highlighted by the dashed red lines. The pair is showing a brief retracement but appears to be breaking downward toward the neckline, which I have set just below the wicks at 80.398.]
The yellow box draws attention to a Bearish Big Shadow (Naked Forex), which is the largest candle out to the sixth degree, though admittedly it does not occupy a large amount of "unique space." Additional but weak evidence toward the claim for a short.
ON THE FOUR HOUR
Various solid light blue lines show areas of supoort/resistance that have been tested/retested/broken before this downward trend began, adding strength to the hypothesis that this is a real downward break.
The purple channel and blue forecast arrow would have us believe, that, barring any wicked events or bounces/retracement off the neckline, we could expect our short to be triggered by the middle of next week before plunging down to the dark blue daily basal trendline.
Cheers!