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New Zealand Dollar / Japanese Yen
Short

rising wedge - sell the breakout

By VasilyTrader
Updated
snapshot

hey traders,

let me share with you my thoughts concerning new zealand yen pair.

what we see on a chart is called a rising wedge,
what I like about this pair, it gives us clear evidence of weakening up movement.

If you focus on the initial bullish leg of this movement from 22 - 23 January and just compare the length of this impulse
with subsequent ones, you will notice that each and every subsequent impulse is shorter than the previous.
snapshot

So the market is locked inside this rising wedge.
When I see this pattern on the market, I am waiting for a decent bearish violation of its support line, in order to sell the market.
75.5 is the level that you should focus your attention on.

If a breakout occurs, It will trigger a selling reaction and many traders will join the movement.

Targets are based on structure.

Good luck!
Note
one more test of the high
Note
Though we see a higher high
We are still waiting for a bearish breakout
Note
double top
Note
almost hit the initial target
Trade closed: target reached
Double Top or BottomSupport and ResistanceWedge
VasilyTrader
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