Nzdjpytrendtrading
NZDJPY TECHNICAL CHART - "Head and Shoulders Bottom (Reversal)"Pair: NZDJPY
Trade: Long
Time Frame: 4 Hour
Strategy: Head and Shoulders Bottom (Reversal)
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight into my trading techniques,
you should do your own due diligence and not take this information as a trade signal.
NZD/JPY - Incoming Drop - 200 PipsNZD/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.
NZDJPY right above major support, prepare for a potential bounce
NZDJPY is approaching major support and a potential bounce could occur at 79.45 (Fibonacci retracement, Fibonacci extension, Elliott wave structure) to push price up towards 80.51 (Fibonacci retracement, Elliott wave structure, horizontal overlap resistance).
Stochastic (55,5,3) is seeing major support above 1.7% where a corresponding bounce could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.