NZD/JPY - Incoming Drop - 200 Pips
NZD/JPY is making new lows and has currently broken the 200 EMA on the 4H chart.
We have 2 reversed hammer one by the side of the other meaning there is strong weakness.
For the next breakdown to begin right away, prices would have to not break the 200 EMA on the 4H chart (Which is the last high of the 2 reversed hammer candlesticks).
If it does break the 200 EMA up, then it will take a while for the move down to continue.
One could put a pending order at 74 so that as soon as the break happens, you can get in the move.
Trade safe.
We have 2 reversed hammer one by the side of the other meaning there is strong weakness.
For the next breakdown to begin right away, prices would have to not break the 200 EMA on the 4H chart (Which is the last high of the 2 reversed hammer candlesticks).
If it does break the 200 EMA up, then it will take a while for the move down to continue.
One could put a pending order at 74 so that as soon as the break happens, you can get in the move.
Trade safe.
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