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New Zealand Dollar / Japanese Yen

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NZDJPY trade ideas

NZDJPY dropping soon?After watching and trading this currency pair for months I've noticed NZDJPY is now in an important resistance from 2007 around the price of 97.792 and from that time up to this current day this pair broke out of what seems to be a wedge (ABCDE formation) and a breakout and retest occured between the last few days of April into the first week of May shooting price close to the range of 97.000. It didn't quite reach it and the pair is slowly gaining some bearish momentum. This could possibly be the reversal point now the some bearish order blocks were created on higher time frames such as the 1 hr up to the 4 hr and my RSI shows strong bearish signals. When using the daily time frame volume has been somewhat decreasing even though price was still moving up which means it can collapse changing direction. It would make sense seeing that there are liquidity zones that have not been swept for example 87.741- 87.705 and 80.695- 80.464. In conclusion this is a scenario that may very well happen if price doesn't make a higher high above 97.792 breaking resistance making it support. Price can drop as low as 80.100 and even lower to 68.000
Short
by ProfitPanther
2
NZD/JPYKey Points of the Double Top Pattern 1. **Bearish Reversal Signal**: Indicates the end of an uptrend and the start of a downtrend. 2. **Two Peaks**: The pattern features two peaks at approximately the same price level. 3. **Trough (Neckline)**: The decline between the peaks forms a support level known as the neckline. 4. **Breakdown Confirmation**: The pattern is confirmed when the price breaks below the neckline. 5. **Trading Strategy**: - **Entry Point**: Enter a short position when the price breaks below the neckline. - **Stop-Loss**: Place a stop-loss order above the second peak. - **Target Price**: The target price is determined by subtracting the height of the pattern (distance from peaks to neckline) from the neckline. Example - **First Peak**: $100 - **Trough (Neckline)**: $90 - **Second Peak**: $100 - **Target Price**: $90 - ($100 - $90) = $80 Summary - **Clear Reversal Signal**: Indicates a shift from uptrend to downtrend. - **Defined Entry and Exit**: Provides clear points for entering and exiting trades. - **Risk Management**: Uses a stop-loss to manage risk effectively. The double top pattern is a reliable tool for identifying bearish reversals and setting up short trades with defined risk and reward.
Short
by B9A-88652-NisarAhmad
2
DeGRAM | NZDJPY fibo clusterNZDJPY is creating a harmonic pattern where the D point completes right at the resistance level and fibo golden zone. Price is approaching the previous high, where the market dropped. The market created a kill zone where we have a harmonic pattern, psychological level, fibo extension level, and upper channel boundary. We expect a bearish move from the Fibo cluster zone. ------------------- Share your opinion in the comments and support the idea with like. Thanks for your support!
Short
by DeGRAM
1