NZDJPY H1 BEARISH SETUP IDEA, 25 APRIL 2022
The market direction on this pair is currently bearish after breaking the support area identified at 85.093 which is now playing the role of immediate resistance. A pullback to the above mentioned resistance area and a lower high print would signal another sell opportunity, however the chart also shows that the 21ema(red ema) is currently acting as dynamic resistance as price has been pushed to downside several times after a touch of the 21ema. Selling at this current price would be very aggressive but understandable particularly because the Japanese Yen is very strong.
The conservative move however would be to wait for price to get to resistance before looking for an opportunity to sell.
The conservative move however would be to wait for price to get to resistance before looking for an opportunity to sell.
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