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π’Forex Pair: NZD/JPY
βͺTechnical Analysis: On the 18th of January 2021, the price bounced on its wedge's trendline, getting a strong bullish impulse. Once it broke the daily S/R zone at about 74.500 and re-tested the dynamic trendline, the price moved up until its wedge dynamic resistance line. It is currently re-testing the same level and the next price action will be essetial to understand the next market movement.
π΄Conclusion: In the h4 and daily perspective, the price is clearly following a constant uptrend and it has currently reached the dynamic resistance of its wedge pattern, I'm confident to see an upcoming trend correction until its support zone at about 74.600. I'll be waiting for a proper rejection on the current level before planning my short position on this trade. A possible entry point on this trade could be the level at about 75.450 (place an alert and keep this pair in your watchlist!).
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β οΈPlease note the views are not investment advice and should be used only for educational purposesβ οΈ