This trade is very similar to the AUDJPY trade I posted yesterday. The big difference is that price is not yet at the profit taking zone between MM1 and MS2. It seem to be bouncing off the MS1, however this could just be a retracement on the overall downtrend. Price is also at role reversal. My trade plan will be for a scenario of if price goes further down to profit taking. Pair can be bought over two separate prices. At MS2 76.5920 or at MM1 at 75.7695

NZDJPY D1

Market is beginning to trend . Therefore if a fib is placed on the previous low and price come up to the 38.2% which is a role reversal, it could come further down and bounce off MM1. Place buy at MM1

NZDJPY H4

The chart is also trending on the H4 chart. If a fib is place we can see the the previous support falls at the 50% point therefore price should fall down to the profit taking zone where a buy could be place

NZDJPY M15

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