NZDJPY Approaching Resistance

Although there is momentum for NZDJPY to continue up, my bet is on a dump back to support. Lower and medium timeframes show the momentum has reached its peak while higher timeframes say it still has some room to go up. As it is a falling wedge, there is always the possibility of the breakout to the upside. It is best to wait for confirmation and get in on the retest of the resistance.

Thanks for taking the time to read this idea.
If you found it interesting, please support my efforts by leaving your feedback or questions below and upvote this chart.

Cheers!

These ideas are not financial advice.

تعليق:

I just realized the previous high on the hourly triggered all kinds of divergences (RSI, Stochs, MACD & CCI). At the very least, we should see some short term downside.