After completing 5 waves up, NZDJPY has reacted to a confluence of longer-term fibs with a shooting star daily candle, failing a September top. The pair broke down the ascending trend channel in five waves in an "impulsive" manner, suggesting that further weakness may be ahead after a correction. Looking for a corrective-type wave (wave B) to develop to present a tradeable setup for a possible short towards the 69.00 area.
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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.