Long

NZDJPY Rising Channel| Daily S/R| POC S/R| Swing High

Evening Traders,

Today’s analysis – NZDJPY – trading in a rising channel formation where a retest of a key trade location is probable,

Points to consider,
- Price Action Impulsive
- .618 Fibonacci/ Order-block Resistance
- POC Confluence
- .618 Extension Objective

NZDJPY’s immediate price action is trading at support where an impulse bounce into resistance is probable, allowing for a short entry.

The .618 Fibonacci alongside the Order-block is of technical confluence, this POC is also adding resistance, a rejection here it probable.

The .618 Fibonacci Extension is the primary objective for a measured move short.

Overall, in my opinion, NZDJPY is a valid short with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps,

Thank you for following my work

And remember,

“The expectation that you bring with you in trading is often the greatest obstacle you will encounter.”
― Yvan Byeajee

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