NZDJPY Minor Correction And Short Opportunity

Description: NZDJPY broke the bearish trendline. A minor correction towards 77.40 is predicted. Short entry at the retest of the broken line.

Time Frame: H1

Trade Period: Intraday / Midterm

The trend in the Timeframe: Bearish

The trend in the Daily Chart: Neutral

Trade Based On: Trendline Breakout

Accuracy: %95

Recommended Lot Size: 0.10 at 10K

Trade: Short

The Area Of The Entry: 77.40 – 77.50

Stop Loss: 77.80

Target 1: 77.00

Target 2: 76.70

Target 3: 76.30

Note:1 If the pair breaks below 76.30, we will open short again targeting 75.70. At 75.70 a Bullish Butterfly pattern would be completed for a major retracement. We will publish the idea later according to the price action.

Note2: Bearish momentum is quite strong. Midterm traders can enter short at the market price 77.18 with the same targets and stop loss.