NZD/JPY Price Analysis: Bears stepping up to the plate for 1:3 R/R
- NZD/JPY bears are in town looking for the trigger point.
- The price is on the verge of wave-3 in a fresh impulse to the downside.
NZD/JPY is currently trading at 69.59 and trades light within what is turning towards being a bearish environment.
The price has fallen below an ascending trendline which now serves as a counter trendline.
Bears will be monitoring for technical indicators reading bearish for a swing trade to the downside.
The following is illustrating how a potential high probability trade setup can be found that offers a minimum of a 1:3 risk to reward.
Weekly chart
The price has met a weekly descending resistant trendline.
Daily chart
The price is on the verge of a fresh impulse in wave 3.
4-hour setup
MACD is still not below the zero line, so bears will be prudent to wait for it to be so before committing to the sell limit order.
Reprinted from FXStreet，the copyright all reserved by the original author.
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