Long term bearish trend confirmed on 4H and Daily charts. Strong resistance formed at 79.079 where price has been rejected on multiple occasions. Expecting price to continue with downtrend towards support around 78.308
NZDJPY has huge downward pressure and am expecting it to drop over the next couple of weeks. We've double topped on the daily time frame. Looking to get in at optimum price and i am expecting a retracement into the sell zone before short is opened.
my usual analysis starts from higher timeframes such as the daily. There i've highlighted a key level of structure looking left, a resistance area that could stop the price's rally. As i go down on lower timeframe such as 4h i can see there are two tests of this specific level (also a psychological level, 79.00) both failing in making new highs. This...
i've already predicted this rally on this pair a while ago. Now i'm assuming price will continue in the upward direction till it will reach a major structure level. However, with such a trending market it's difficult to get a decent retracement in order to hop on the trend. That's why i'm using this kind of simple pattern formation (flags, triangles,...
i do not usually use trendlines in my analysis but sometimes they are useful in order to catch the early stage of a reversal, along with usual structure. The black line represents a strong daily structure that rejected price action as soon as it touched it. Therefore i'm assuming this could be a key point for a big reversal.
Now, in this cases i wait for...
here it's an Head&Shoulders pattern on NZDJPY. I'm very interested on this cross because i think we have a nice rally ahead. On the daily price has formed 3 consecutive candles with buying pressure and we also have a divergence on the RSI. I patiently waited for a break of structure as a confirmation and that happened today.
Now there are two levels where...
Cup And Handle Being formed on the Day Chart and 4H time frame, price is now consolidating and looking for price to head for the highs, looking for price to stay above 80.500 as it it currently being respected for price to move to OB at 91.900
just want to inform you about what's on my radar this evening: this is a Cypher formation that's about to complete near to a daily structure level and a psychological number.
I think this could be a good idea to buy the market.
Stops below X, targets as usuale on pattern at .382 and .618 retracements of AD leg.
If you have any question, feel free to...
Waited patiently for NZDJPY to reach Resistance ~83.50
I thought it would reach it yesterday so I was LONG~82.8
Now good Risk-Reward-Ratio (RRR) on the Reversal SHORT.
Conservative Stop Losses to be put above the time-high at 83.75
And... see how this plays out!