NZD/JPY: 1-hour
Here’s another potential reversal situation on a shorter-term time frame. After staying in a downtrend for nearly a month, NZD/JPY is forming an inverse head and shoulders pattern on its 1-hour forex chart, with price just testing the neckline of the formation. An upside break could lead to a rally which might last by as much as 150 pips, which is approximately the same height as the chart pattern. If you’re thinking of going long, better wait for stochastic to reach the oversold zone before hopping in!
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