NZDJPY SHORT SETUP.
Updated
NZDJPY: Price is still in it UPTREND extending from March 2020 Coronavirus low, price has been trending up, taking out resistances and respecting structures moving forward, until last month when price eventually get to the 2018 resistance zone @ 79.10, where we saw sharp rejection which formed a Weekly PINBAR in the last week of the month of Febuary. After the rejection we've this BEARISH FLAG on the 4H & 1H chart nicely formed, price broke below last week but later closed inside the FLAG.
Ideally, another break below the flag will signal a SHORT SIGNAL, i will be looking forward to get involved in the SELL SETUP from new minor resistance zone outlined @ 77.70, where we also have the 200 day Moving Average acting as resistance on the 1H chart, I'll be targetting @ 76.55 zone as TP, a level of resistance from 2019 which price took out while rallying to the UPSIDE.
Ideally, another break below the flag will signal a SHORT SIGNAL, i will be looking forward to get involved in the SELL SETUP from new minor resistance zone outlined @ 77.70, where we also have the 200 day Moving Average acting as resistance on the 1H chart, I'll be targetting @ 76.55 zone as TP, a level of resistance from 2019 which price took out while rallying to the UPSIDE.
Note
Price outlooked as chnaged on this Pair, I was expected a retest of the 76.50 zone and possibly continuation of the UPTREND from there, price kept finding support at 77.13, the BEAR flag outlooked as changed to a descending triangle, with resistance ray extending from Feburary high, where we saw rejection from the 2018 high..Today price break above the descending traingle @ 77.90 zone.. 79.20 will be resistance as price continue in it UPTREND.
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