. There is a possibility of temporary retracement to suggested support line (71.500). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. NZDJPY is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
AudJpy has put a small head and shoulders, likely seen on the lower time frames better but it comes at a decent level of support and we actually have a violation of the outside return aswell so can be an aggressive long to take if we get a pullback and look to ride it up.
The price is below the moving average of 20 MA and MA 200, indicating the downward trend.
MACD is below the zero level.
The oscillator Force Index is below the zero levels.
If the level of support is broken, you shall follow the recommendations below:
• Timeframe: H4
• Recommendation: Short Position
• Entry Level: Short Position 70.60
• Take Profit Level: 70.00...
NzdJpy reached a good level of support with actual room to go higher. Also on the 5 minute we have a head and shoulders setting p, still early but definitely something you can look to ride up then even down for the retest.
NZDJPY has shown great bearish momentum and currently retraced into a continuation pattern. We may see price continue to our take profit level.
Stop loss - Red price level
Take profit - Green price level
Remember you must manage risk, only risk 1% or 2% depending on your risk tolerance. There is no such thing as a guaranteed win in trading. What you have is...
NZDJPY WEEKLY on the left, we closed last week as bullish engulfing
H4 on the right, tapped off fib level + bullish engulfing candle, I expect to see a bullish move!
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means require action!
3. Trading involves risk, past profits do not...