NZDJPY H4 chart, based on chart pattern analysis, is forming a bullish pennant pattern.
From this pattern, it can be concluded that there are 3 possibilities :
1. The price will be sideways in the pennant area.
2. Moderate bullish is possible when breakout above Pennant resistance area or below Pennant support area.
3. Breakout of the support area/bearish trend can occur. We can see that there are some important news that will be released. Fundamentals must also be considered, this is what can change everything.
We can take this opportunity to open a buy limit near the support area or a breakout opportunity with a buy stop above the pennant resistance area.
From this pattern, it can be concluded that there are 3 possibilities :
1. The price will be sideways in the pennant area.
2. Moderate bullish is possible when breakout above Pennant resistance area or below Pennant support area.
3. Breakout of the support area/bearish trend can occur. We can see that there are some important news that will be released. Fundamentals must also be considered, this is what can change everything.
We can take this opportunity to open a buy limit near the support area or a breakout opportunity with a buy stop above the pennant resistance area.