NZD/JPY at resistance - short opportunity
NZY/JPY is currently at resistance, which has held firm may times prior.
Additionally, on the hourly we've seen price closed outside the bollinger bands, combined with the RSI in overbought territory.
We have a few elements here that suggest we could see a bit of a pull back. Being optimistic on the trade size, but expecting a pull back of some sort.
Additionally, on the hourly we've seen price closed outside the bollinger bands, combined with the RSI in overbought territory.
We have a few elements here that suggest we could see a bit of a pull back. Being optimistic on the trade size, but expecting a pull back of some sort.
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The target is somewhere within the large Fair Value Gap (FVG) below, with take profit areas that can be set using a fib.
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A clearer view of the range
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Too strong to the upside and the resistance didn't hold. Eventually broke down but after the trade had closed.