hey traders,
let me share with you my thoughts concerning new zealand yen pair.
what we see on a chart is called a rising wedge,
what I like about this pair, it gives us clear evidence of weakening up movement.
If you focus on the initial bullish leg of this movement from 22 - 23 January and just compare the length of this impulse
with subsequent ones, you will notice that each and every subsequent impulse is shorter than the previous.
So the market is locked inside this rising wedge.
When I see this pattern on the market, I am waiting for a decent bearish violation of its support line, in order to sell the market.
75.5 is the level that you should focus your attention on.
If a breakout occurs, It will trigger a selling reaction and many traders will join the movement.
Targets are based on structure.
Good luck!
Note
one more test of the highNote
Though we see a higher highWe are still waiting for a bearish breakout
Note
double topNote
almost hit the initial targetTrade closed: target reached
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✅Join My Telegram Channel: t.me/VasilyTrading
❗️YouTube Channel youtube.com/c/VasilyTrader
✅ Facebook: facebook.com/VasilyTrading/
⭐ My Forex & Gold Broker: bit.ly/vasilyforexbroker ⭐
❗️YouTube Channel youtube.com/c/VasilyTrader
✅ Facebook: facebook.com/VasilyTrading/
⭐ My Forex & Gold Broker: bit.ly/vasilyforexbroker ⭐
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.