NZD/JPY Price Analysis: Bears stepping up to the plate for 1:3 R/R
|- NZD/JPY bears are in town looking for the trigger point.
- The price is on the verge of wave-3 in a fresh impulse to the downside.
NZD/JPY is currently trading at 69.59 and trades light within what is turning towards being a bearish environment.
The price has fallen below an ascending trendline which now serves as a counter trendline.
Bears will be monitoring for technical indicators reading bearish for a swing trade to the downside.
The following is illustrating how a potential high probability trade setup can be found that offers a minimum of a 1:3 risk to reward.
Weekly chart
The price has met a weekly descending resistant trendline.
Daily chart
The price is on the verge of a fresh impulse in wave 3.
4-hour setup
MACD is still not below the zero line, so bears will be prudent to wait for it to be so before committing to the sell limit order.
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