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NZD/JPY: The Bear may resume its move

EagleFX

NZD/JPY has been bearish in the daily chart for the last three trading days. Yesterday’s daily candle came out as a bullish inside bar. The H1 chart made a breakout at yesterday’s lowest low. The pair is trading below the breakout level. If the price makes a bullish correction and the breakout level produces a bearish reversal candle, the sellers may find an opportunity to go short in the pair.

Chart 1 NZD/JPY H1 Chart


The chart shows that the price made a breakout at the level of 70.200 and traded below the level for several candles. The price has been slightly bearish in the current candle. However, it may make a bullish correction around the level where it is trading now. If that happens, the sellers are to wait for the price to produce a bearish reversal candle to go short in the pair below the level of 69.980.

Trade Summary:

Entry: Sell below 69.980

Stop Loss: Above 70.200

Take Profit 1: 69.685

Take Profit 2: 69.580

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