NZDJPY has been showing us some really nice price action. We saw the impulsive wave down (5 waves) and now we're in a 3 wave correction (ABC) and we're almost at the completion of the corrective wave. The next step in the sequence is another impulsive wave down.
We have the 61.8 fibonacci, structure and descending trendline acting as confluence in our reversal zone.
Trade idea:
- Watch for rejection at our reversal zone and enter
- Stops above the rejected price
- Targets: 76 (150pips), 75.250 (220pips), 74.6 (285pips)
What do you guys think? Let us know below!
Goodluck and as always, trade safe!