Today’s analysis – NZDJPY- trading in a broadening wedge that is likely to breakdown,
Points to consider, - Price action broadening wedge - Local S/R Support (200 EMA Dynamic Support) - .50 Fibonacci Resistance - Oscillators Neutral
NZDJPY’s immediate price action is trading in a broadening wedge, bearish formation that is likely to be respected with a back test of the .50 Fibonacci.
The Local S/R that is in confluence with the 200 EMA Dynamic Support has a high probability of being tested.
Both oscillators are trading in their neutral zones, momentum is shifted in either direction once a break comes to fruition.
Overall, in my opinion, NZDJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
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