NZDJPY has recently completed its bullish wave and now we are in bearish territory.

We can see that we're in wave 2, which is an ABC correction. We have a leading diagonal for Wave A which we've almost completed. We're looking for one more move up to complete the leading diagonal and then we'll be looking for a big SHORT.

Trade Idea:
- Watch for price to move up once more to reach the 618 fib and leading diagonal resistance
- Risk entry on rejection of the above
- Safe entry on break of the red trendline
- Targets: 83 (250pips), 81.2 (420pips)

We may bounce off the structure level for a Wave C so do keep an eye out for the bounce!

Goodluck and as always, trade safe!
Chart PatternsElliott WaveEURUSDNZDJPYpatternssignalTrend AnalysisUSDUSDJPYWave AnalysisXAUUSD

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