NZDJPY UPDATE- 400 pips short
Analysis
-From the double top on daily chart, a strong bearish impulse was made
-Previously i was expecting the retracement to be at 77.145 resistance,
however it was rejected to the 61.8% of the Fibonacci retracement at 77.956
- This Bearish trend is assumed to still be valid but is very important to break the strong support level
Trading plan
- I will be watching for a 4H bearish confirmation at the current resistance for my entry
- At the support level , i will be closing half of my position
- Only if the price breaks this support, I will be adding my position at the retracement
- My TP is at the weekly trendline
*Monthly, weekly and daily - Direction
4H - confirmation
-From the double top on daily chart, a strong bearish impulse was made
-Previously i was expecting the retracement to be at 77.145 resistance,
however it was rejected to the 61.8% of the Fibonacci retracement at 77.956
- This Bearish trend is assumed to still be valid but is very important to break the strong support level
Trading plan
- I will be watching for a 4H bearish confirmation at the current resistance for my entry
- At the support level , i will be closing half of my position
- Only if the price breaks this support, I will be adding my position at the retracement
- My TP is at the weekly trendline
*Monthly, weekly and daily - Direction
4H - confirmation
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