NZDJPY Local S/R| 200 EMA| Broadening Wedge| Swing High

26 de jan. de 2021Evening Traders,

Today’s analysis – NZDJPY- trading in a broadening wedge that is likely to breakdown,

Points to consider,
- Price action broadening wedge
- Local S/R Support
(200 EMA Dynamic Support)
- .50 Fibonacci Resistance
- Oscillators Neutral

NZDJPY’s immediate price action is trading in a broadening wedge, bearish formation that is likely to be respected with a back test of the .50 Fibonacci.

The Local S/R that is in confluence with the 200 EMA Dynamic Support has a high probability of being tested.

Both oscillators are trading in their neutral zones, momentum is shifted in either direction once a break comes to fruition.

Overall, in my opinion, NZDJPY is a valid short with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps

Thank you for following my work!

And remember,

“Amateurs think about how much money they can make. Professionals think about how much money they could lose.” – Jack Schwager