If you look at the 1H chart, you can see NZD/JPY trading inside a rectangle or a horizontal consolidation, between 78.05 and 77.128, and this pattern is known to be a continuation pattern so the gravity is to the downside. Also, we reached 78.05 with a rising wedge and we've been waiting patiently for the break and the retest to enter with a sell order to target the bottom of the rising wedge as our main target at (77.200).
The beauty of waiting for the retest is having a very tight stoploss which helps you minimize your risk.
Note that breaking 77.128 will push NZD/JPY for more downside possibly reaching 76.543 which is the 78.6% Fibonacci level.
The beauty of waiting for the retest is having a very tight stoploss which helps you minimize your risk.
Note that breaking 77.128 will push NZD/JPY for more downside possibly reaching 76.543 which is the 78.6% Fibonacci level.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.