Checking the markets this morning I can see a lot of price action setups across the jpy pairs. Looks like most of them are building for a move lower.
We discussed the AUDJPY in the war room today, the EURJPY chart I posted previously here, now it is the NZDJPY’s turn.
We’ve got a nice bearish rejection day sitting after a lower high was made in this market. We can see the recent movement is bearish – so this aligns well with the momentum.
A swing level was also rejected in the process, and the mean value also located in the same area – creating a high value technical resistance area for reversal signal to form.
We may get a retracement entry here if we are lucky, but because NZD and JPY are both Asia session active currencies, a breakout may occur before the London session.
Weekly support waiting a little way below – a good logical place for targets.
Per
I saw this setup today, sunday 2017-02-19. Prices did fall from here but came back later to print a higher top at 61.8% retracement and then it came down. It was a very nice looking correction. Like your work very much. Excellent trading and presentation skills. Very nice webbsajt indeed.
Steve Epperson
Not sure what the fundamentals of the kiwi are–I really don’t care. All I know is I’ve been short on NZD/USD since Thursday, and it really has formed a nice, tight bear channel. It’s very reasonable that this pair should follow. I know you guys like a tight stop, but if I were trading this, I would put my stop above that double top for added probability boost. Just saying. Good luck to all.
Mario
I saw that! ✊???? Powerful setup Dale!