NZDJPY Drops A Bearish Reversal Swing Trade At Lower Highs

Checking the markets this morning I can see a lot of price action setups across the jpy pairs. Looks like most of them are building for a move lower.

We discussed the AUDJPY in the war room today, the EURJPY chart I posted previously here, now it is the NZDJPY’s turn.

We’ve got a nice bearish rejection day sitting after a lower high was made in this market. We can see the recent movement is bearish – so this aligns well with the momentum.

A swing level was also rejected in the process, and the mean value also located in the same area – creating a high value technical resistance area for reversal signal to form.

We may get a retracement entry here if we are lucky, but because NZD and JPY are both Asia session active currencies, a breakout may occur before the London session.

Weekly support waiting a little way below – a good logical place for targets.

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3 Comments...


  1. Mario comment display photo
    Mario
    I saw that! ✊🏾 Powerful setup Dale!

  2. Steve Epperson comment display photo
    Steve Epperson
    Not sure what the fundamentals of the kiwi are--I really don't care. All I know is I've been short on NZD/USD since Thursday, and it really has formed a nice, tight bear channel. It's very reasonable that this pair should follow. I know you guys like a tight stop, but if I were trading this, I would put my stop above that double top for added probability boost. Just saying. Good luck to all.

  3. Per comment display photo
    Per
    I saw this setup today, sunday 2017-02-19. Prices did fall from here but came back later to print a higher top at 61.8% retracement and then it came down. It was a very nice looking correction. Like your work very much. Excellent trading and presentation skills. Very nice webbsajt indeed.
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