NZDJPY: Two Scenarios & Your Trading Plan 🇳🇿🇯🇵
Very peculiar market sentiment on NZDJPY:
the price is trading in a long term bullish trend
and currently testing a current year's high.
- Being a trend follower,
to catch the next swing move, follow an ascending triangle.
In case of a bullish breakout of its neckline,
chances will be high to see a continuation to new highs (at least 80.7)
- Being a counter trend trader,
wait for a bearish breakout of a rising parallel channel.
It will most likely trigger a retracement leg at least to 78.0 level.
Are you on trend following side or do you prefer a counter trend trading here?
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