NZDJPY Approaching Resistance

Although there is momentum for NZDJPY to continue up, my bet is on a dump back to support. Lower and medium timeframes show the momentum has reached its peak while higher timeframes say it still has some room to go up. As it is a falling wedge, there is always the possibility of the breakout to the upside. It is best to wait for confirmation and get in on the retest of the resistance.

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These ideas are not financial advice.

Kommentar:

I just realized the previous high on the hourly triggered all kinds of divergences (RSI, Stochs, MACD & CCI). At the very least, we should see some short term downside.