NZDJPY consolidation descending triangle
NZDJPY is in the consolidation triangle with the strong downside resistance and a breakout 68 level. For the upside extension from here, we need to see a break above 69.800. A daily close below 68 is required for a downside extension to 66. A daily close below 68 will be valid for a high probability short trade entry. Since the pair is strongly correlated with the Indices risk-off rally will trigger a strong continuation lower for a test of 66.
Note – Look for the short trade entries upon a break below 68 with the stop loss above 68.300
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