NZD/JPY - TEXTBOOK SETUPA textbook long setup. The pair made a strong impulse up followed by a Flat correction (yet to be completed). Currently the pair is forming the final C leg of the sequence and it's a textbook setup for the reason that it happens to be an ending diagonal which further confirms that the correction will soon be over. The Stochastic on the Weekly is already heavily oversold and starting to form Bullish Divergence. The possibility exists that it will just continue the upward move from where it is now but I think breaking the bottom first and then shooting up is a more likely scenario.
Refer to the Related Ideas section for my previous NZD/JPY idea
My personal details:
Long @ Entry: 75.85, SL: 75.00, TP: 83.55, RR:9
