As you can see from the analysis here. NZDJPY respects the daily level of70.036 very well. I have marked these areas out in yellow where price has reacted purely off these. If you look at the trendline we currently have we can see that the pair was on the rise. You can see where the red box is where we lost the trade as we expected more upward movement. With correct risk management these losses are ok.
What you can see now is we have marked out an area where price should reach the trendline to retest and also test the daily support both of which mean we should see some downward movement. Let's wait and see what happens.
What you can see now is we have marked out an area where price should reach the trendline to retest and also test the daily support both of which mean we should see some downward movement. Let's wait and see what happens.