• NZD/JPY - Trend-Line Rejection + Critical Zone + Fibo Rej •
• After we have reviewed this pair, we are expecting to see more of a downside for NZD/JPY. Everything is indicating that we are still expecting more downside for this pair. This is a swing trade, which means it can take a couple of days if not weeks to reach our potential profit area. Our major confirmation of entry was a 6H bearish candle close below our Weekly Trend-Line, indicating that we are still expecting more down-side to occur. We are projecting price to reach around our Monthly Support of 75.00 which also aligns with out -27.00% Fibonacci Extension area.
• There is a New Zealand bank holiday for today which can cause market to move slow, as well we don't have any major news for the Japanese Yen so I'm not expecting any volatile movements (doesn't mean we can't have them). As this trade was placed at the middle of the week, I'm not expecting our potential profit area to be reached this week, if not until the middle or the end of next week.
• If we fail to reach our objective, we will be taking a -0.70% loss to our account. However; unlike other losing trades, I don't think we would have another entry opportunity. As even if we do get stopped out it may take a while for price to actually give us another confirmation of a entry. Ideally to go Long would only occur if we manage to break our Weekly Previous High and potentially re-test that area. How are Stop/Loss is no where near that area, if we do get stopped out we won't be reviewing any new entries. However; we don't want this to become a losing trade -obviously-.
• There is a New Zealand bank holiday for today which can cause market to move slow, as well we don't have any major news for the Japanese Yen so I'm not expecting any volatile movements (doesn't mean we can't have them). As this trade was placed at the middle of the week, I'm not expecting our potential profit area to be reached this week, if not until the middle or the end of next week.
• If we fail to reach our objective, we will be taking a -0.70% loss to our account. However; unlike other losing trades, I don't think we would have another entry opportunity. As even if we do get stopped out it may take a while for price to actually give us another confirmation of a entry. Ideally to go Long would only occur if we manage to break our Weekly Previous High and potentially re-test that area. How are Stop/Loss is no where near that area, if we do get stopped out we won't be reviewing any new entries. However; we don't want this to become a losing trade -obviously-.