NZDJPY Technical Analysis June 23/2019
NZDJPY remains bullish as long as the June 18/2019 low remains untouched. On the 15 minute time frame there are clear visible bullish patterns that can be seen. In the chart below, market patterns are used to determine where price can possibly pause and reverse higher. The green bullish pattern already triggered BUYS at the BC 0.50% Fib. retracement level where buyers entered expecting another round higher above the point C high. Traders should now watch if the pink bullish Head and Shoulders Breakout Pattern breaks above the neck line where it will be possible that more buyers will enter the market and push NZDJPY higher. If the pair breaks above the pink bullish H&S neck line stops should then be placed at the low of where the head formed 70.43. Below this level will invalidate the pink bullish pattern. If looking to trade NZDJPY watch for BUYS on the break above 70.75 with stops at 70.43 and target at 71.23. Let’s see what the market will do this coming week. Trade safe and always use proper money/risk management.
NZDJPY 15 Minute Chart 6.22.2019
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 Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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