I am currently neutral on NZDJPY because I prefer following the overall trend and this trade would be countertrend.
NZDJPY seems to be forming a great FLAT PATTERN. I will be looking for a LONG position between 73,600 and 73,000.
From my perspective I think the market will retrace until 73,000 because that would be 38,2% of Wave 3.
Again, this might NEVER happen because this is pure speculation on a potential long area and that's why I won't take any short, the market could just keep going up and follow his uptrend from the current price.
Normally Wave C is quicker than Wave B and Wave B took 21 days, so within the next month we should know if this setup will be ready.
I will be posting another analysis about NZDJPY if the market reach the lower area as shown on this analysis.
Trade carefully and be patient.
NZDJPY seems to be forming a great FLAT PATTERN. I will be looking for a LONG position between 73,600 and 73,000.
From my perspective I think the market will retrace until 73,000 because that would be 38,2% of Wave 3.
Again, this might NEVER happen because this is pure speculation on a potential long area and that's why I won't take any short, the market could just keep going up and follow his uptrend from the current price.
Normally Wave C is quicker than Wave B and Wave B took 21 days, so within the next month we should know if this setup will be ready.
I will be posting another analysis about NZDJPY if the market reach the lower area as shown on this analysis.
Trade carefully and be patient.
