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.