We're looking at NZD/JPY on the daily chart with a potential bullish 5-0 pattern, this is an excellent buying opportunity with over 1:3 risk to reward... Keep an eye on this setup completing!
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
Price has formed a cup and handle pattern which indicates a move higher to complete the C point, you can buy once price closes above the resistance level or wait until the bullish 5-0 pattern completes to enter your position.
I hope you all have a great week, safe trading everyone :)
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
Price has formed a cup and handle pattern which indicates a move higher to complete the C point, you can buy once price closes above the resistance level or wait until the bullish 5-0 pattern completes to enter your position.
I hope you all have a great week, safe trading everyone :)
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