Hi Traders! NZDJPY daily pattern breakout provides sell opportunity for us. A detailed analysis of this sell setup is as follows:
NZDJPY Daily Chart:
On the daily chart the price which was moving inside a triangle pattern has broken below the bottom of this pattern. Until the price is below this breakout zone, we may start looking for sells with bearish evidences. We can now look for evidences of bearish pressure on lower timeframes in order to join the bears.
NZDJPY H4 Chart:
There are no opposite (bullish) signs in the H4 chart and on the contrary we have bearish hidden divergence forming already which we may consider as an evidence of bearish pressure. Currently it looks like the price is re-testing the daily pattern breakout and it is so far holding below the broken pattern (black trend line). Until this breakout holds, we may look for sells with bearish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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