NZDJPY Technical Analysis July 25/2019
NZDJPY has a clear bullish market pattern that has already formed. In the 4 hour chart below the blue bullish market pattern has already triggered buyers to enter the market at the BC 0.50% Fib. retracement level. The BC 0.50% level also aligns with a support/resistance structure (possible reversal zone) where it is possible NZDJPY can bounce higher from. As long as price stays above the point B low of the blue bullish pattern (pink invalidation level) we will remain bullish and expect another push higher.
NZDJPY 4 Hour Chart 7.25.2019
If looking to trade NZDJPY traders should look at the 30 minute chart below. Traders should wait for the orange bullish Head and Shoulders Breakout Pattern to trigger BUYS (green) above the neckline of the pattern. Waiting for the break above the neck line of the market pattern will add more bulls/buyers to enter the market and possibly push NZDJPY higher and hit the proposed targets on the 30 minute chart. Stop loss should be kept tight and should be placed below the head of the orange market pattern. Only time will tell what NZDJPY will do but at least now you know how to trade the pair if it decides to push higher.
NZDJPY 30 Minute Chart 7.25.2019
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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