NZD/JPY: Bearish inside bar may drive the price down
|NZD/JPY produced a doji candle on the daily chart yesterday. The H4 chart shows that the price after being bearish for a while has been having consolidation. A flipped level of resistance has already produced a bearish inside bar. If the price makes a breakout at today's lowest low, the sellers may go short in the pair.
Chart 1 NZD/JPY H4 Chart
The chart shows that the price produced a bearish engulfing candle and headed towards the South. It had a bounce at the level of 64.845 and produced a bullish corrective candle. The next candle came out as a bearish inside bar. As of writing, the price has been roaming around the level of resistance. If it comes down and makes a breakout at the level of 63.845, it may head towards the South with good bearish momentum.
Trade Summary
Entry: Sell below 63.845
Stop Loss: Above 64.780
Take Profit 1: 63.350
Take Profit 2: 63.065
Take Profit 3: 62.530
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