NZD/JPY: Bearish inside bar may drive the price down

EagleFX Team EagleFX

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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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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