NZDJPY has been in the down trend for a long time, and currently the price action on H4 seems to be “Trying to” reverse.
This pair is making Higher Lows for the last 2 weeks. When the current Stochastic down cycle is over, I am expecting to see another Higher Lows. However, we are missing Higher Highs. Thus this pair is forming an apex.
If you are aggressive, you could buy from the next Higher-Low. However, technically speaking, we need to see the break of the RESISTANCE (83.00 ish) to call this pair as “Up Trend”. Conservative traders should wait to see this break, before entering the Long trades.
YJ Baik – Forex.Today Tokyo.