NZDJPY H4 SHORT PRICE ACTION FORECAST
Price has been trading with a descending channel (hornet) quickly spotted from the D1 domain. It was able to break the resistance line from the structure only to form a clear double top pattern, confirming a downtrend movement.
Currently finding strong support as expected on the 200MA acting at the last line of defense before the massive downward momentum. If the price manages to break through the current level, a short entry will be waiting for it, with an extensive R:R ratio if price respects the more significant structure.
The order:
Type: sell-limit
S/L: 66 pips - R:R | 1:5 -
T/P: aiming towards the next support level
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Currently finding strong support as expected on the 200MA acting at the last line of defense before the massive downward momentum. If the price manages to break through the current level, a short entry will be waiting for it, with an extensive R:R ratio if price respects the more significant structure.
The order:
Type: sell-limit
S/L: 66 pips - R:R | 1:5 -
T/P: aiming towards the next support level
--
*** If you like the idea, don't be shy, click on like and comment. If you do not agree, just comment ;-) | Thanks for your support!!! ***
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