A few weeks back I wrote about the NZDJPY, back then the NZDJPY was rejected from the LT resistance level at 89.57…
It was trading in a very clear bearish condition and because of that, only short opportunities were in play.
Then it hit the next LT support level 86.25 and it traded for a few days around that level… And apparently the NZDJPY has been already rejected from that level…
Here is how the dialy chart looks like:
There are a couple things that I like about this chart:
- Swings clarity
- S&R clarity
When we’ve gor both of them, we have a very good idea of what the market is doing and what it is likely to do.
But not so fast…
We still need to confirm this using the short term chart, this way make sure the market has been already rejected from that level.
Here is the hourly chart:
There is one slight problem with this chart, the short term level 86.69 has been rejected only once, so we still need the confirmation of this level to start looking for trade opportunities.
My plan is to wait for a retracement to that level and if it gets rejected from there, I’ll start looking for long opportunities.
Did you take advantage of my previuos post on the NZJPY? What do you think now about the NZDJPY? Are you going to trade it?
Share your thoughts!