Hello fellow traders, the Video below is a short capture from the Plus Daily Technical Video from July 11th , where EWF Technical analyst Hendra Lao presented Elliott Wave chart of $NZDJPY, explaining the view and the swings sequences.
Back then, $NZDJPY made a fresh new high above the 07/04 peak (74.24) and our Elliott Wave forecast suggested another swing up toward 76.426-77.644 area (potential sell zone) before the decline takes place from there or it gives us a 3 wave pull back at least. The day after, on 12th July the price gave us a sharp rally, reached the mentioned technical zone and found sellers as expected. In the next few weeks $NZDJPY gave us the decline of approximately 430 pips from the proposed reversal/selling area. Everyone who is in the short position should already be risk free.
Keep in mind that Market is dynamic and the view could have been changed so far. If you’re interested in the future path of $NZDJPY, you can find a new Elliott Wave analysis in membership area of EWF. ( If not a member yet, all you have to do is to Sign Up for Free 14 Days Trial )
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