NZDJPY pair can be signalling for a move lower. There are visible market patterns that can be signalling for this possible scenario lower. As long as price remains below the high of the point D Bearish Pattern (Purple) we can expect the pair to reverse lower. Only time will tell what the pair will.
SELL Trade Setup
1. Price reacting lower from the Daily Supply Zone signalling possible move lower (Red)
2. Bearish Harmonic Market Pattern (Purple)
3. Price reacting lower from 4 Hour Supply Zone (Brown)
4. Bearish Ending Diagonal Breakout Pattern (Black)
5. Price broke below the upward higher high/higher low sequence (Blue Line) (ChoCh=Change of Character)
NZDJPY Daily Chart November 20 2022
A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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