(Almost identical setup for AUDJPY as well)
NZDJPY is at the critical moment now. (Again, sorry for the late post)
The price is touching 21EMA & WPP and RoleReversal Resistance, while Stochastic is at 75%. Also notice the current candle is Red.
So if you are Bear, you should consider selling this pair soon.
Here is the trigger. On M5 chart (Yes, 5 minute chart!), the price is in the range bound, and the currently at the top of the range.
If the price breaks up, then forget about this Short setup. But if you see the next Lower High, that would be an ideal point to sell this pair.
Hope this post is not too late…
YJ Baik – Forex.Today @ Tokyo