ZARJPY is in a Down trend on the monthly and weekly time frame
Looking at reversal from the previous
support turned resistance (A 3 year high) to take short position trade
This is on both monthly and weekly time frame
break of previous 2016 low to form a new 2020 low
hence giving us a high probability of trend continuation
Price is hitting standard resistance as well as Gann box resistance while loyally adhering to the green dotted transagonal trendline. Another indicator of a short at this point is that RSI has reached overbought zone.
Here's to Success!
I see a bearish rising wedge and divergences on histogram for Zar/Jpy.
You can sell Zar/Jpy now or you can wait for an inclined support of rising wedge to be broken.
Profit Targets:
8,0
7,81
**If the support of wedge is broken, our ultimate profit target will be 7,1.
Rising wedge example:
i.investopedia.com
Stoploss:
8.4
Trade with less leverage(5x,10x) ,...
