NZD/JPY, DAY CHART, SHORT (18-FEB-2017)
From the Price Action, there are more selling
pressure than buying pressure in this consolidation pattern.
From COT Report,
For JPY, there are more non-commercial positions
added to long side.
From both Price Action and COT Report, there is
confluence that NZD/JPY might go down further.
Here are 2 trading plans for you:
1. When the price break the support level, short
2. If the price pull back to previous resistance level,
wait for bearish signal to short
pressure than buying pressure in this consolidation pattern.
From COT Report,
For JPY, there are more non-commercial positions
added to long side.
From both Price Action and COT Report, there is
confluence that NZD/JPY might go down further.
Here are 2 trading plans for you:
1. When the price break the support level, short
2. If the price pull back to previous resistance level,
wait for bearish signal to short
