Hello traders,
it’s another beautiful Friday, let’s hit them charts:
1. USD/JPY
This is the fourth day of battle between the bulls and bears. The strong bullish pin-bar on the USD/JPY already signifies that the bears are getting weaker and there is a high probability that bulls may win for the week
If Thursday candlestick closes with the bullish pin-bar, then we may see price revisit NPRZ. Even if that does not happen this week, we may see it happen next week.
2. AUD/JPY
On the AUD/JPY we can also spot price being rejected by the key support zone that has held price since May last year.
Buyers are getting ready to push price back to NPRZ. One thing to note is that: 24 hours may be too little for the bulls to push price back to NPRZ, so it’s wise to set a less ambitious profit target for yourself before the close of the market.
3. NZD/JPY
Another beautiful setup to watch out for is the NZD/JPY… The daily candlestick may close with a dragonfly Doji on a key support zone, which is a signal that the bulls are out to butcher. This makes NPRZ our next target profit
Note:
Notice how all three JPY pairs have similar patterns and the 200 ma is a little distant from where the reversal is about to happen? . My advice here is “DO NOT BE GREEDY”. Don’t trade all 3 setups, because if one goes bad, there is a huge probability that all will go bad.
Rather, spread your risk in all 3, or better still focus risk on any pair that aligns with your trading system
What say you?
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