NZD/JPY 25/11/2019

Forex101

Forex101.com.au Reprentative
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Hey all!

So here it is, my first post ever on FPA. I'll be glad to start contributing on a regular basis.

I thought I'd start my first post off on a Currency pair that's really been in my sight for over 5 weeks now! NZD/JPY

Let's start back in March 2019 - Price formed a lower high on the weekly before forming a nice downtrend that has been going for over 8 months now. Me being me, I like to follow trends on the Daily / Weekly charts so I'm still looking to play this market to the downside.

I've attached a picture of the setup I'm looking for but let me clarify it a little better on here.

1. Price has pulled back on the weekly/daily and formed a lower high
2. Price formed its lower high at a 50% Fib pull back level
3. Stochastic is overbought
4. Divergence on the Daily chart ( Not shown in picture )

For me, there are two ways to enter this. First, would be more aggressive and enter right now knowing that price may still hang around for a few weeks or even push up. Second would be waiting for the Daily candle to close below its current support level at 68.965 which would prove that momentum should come back in and push this market further down.

Please feel free to leave your thoughts and comments on this or your analysis! I'd love to discuss it!
 

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