The NZD/JPY had a weak weekly close, the week before last, after sweeping weekly buy side liquidity thus forming a weekly Doji The Doji conveyed a more bearish impulse by printing a new weekly lower low and closing below the previous week's settlement. After this run of BSL, on H4, price action experienced strong displacement lower, breaking structure and producing a market structure shift. I have been waiting for the swing low to form so that I can place entries at the 0.62, 0.705 and the 0.79 retracement levels. The 0.62 being just above the MSS, the 0.705 being just below the Bearish Breaker and the 0.79 level being within a bearish fair value gap whilst targeting the previous swing low or SSL level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.