On this weekly chart, we are drawing Pitchfork channels on NZDJPY.
On the monthly NZDJPY chart, we can see that the pair has broken below the uptrend Andrews Pitchfork channel 79.400 level. This is now a confirmed break with multiple monthly closes below this level.
We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets. On a daily chart, we have downtrend pitchfork channel formed and we are seeing a pullback into the downtrend upper channel 76.500-77.000 zone. Look here for the short trade entries on a bearish price action with the SL level above the 77. With a confirmed break below a strong horizontal resistance, 75.700 target should be 72 also the Median line.
Happy trading! (click on the chart to enlarge it)
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