NZD/JPY Long Idea.
- Firstly there is a symmetrical triangle formation beginning to form
- Secondly the purple shaded area is a significant monthly support as well as being a previously strong resistance zone
- To look for a price to take profit the 0.5 Fib level (69.862) is a very realistic area to target
However if there are signs of continuing momentum through the 0.5 level a secondary TP would be the 0.382 Fib Level (70.678)
Before any positions are taken I will be waiting for a candle to close outside the triangle formation.
*very new trader and any comments are more than welcome*
- Firstly there is a symmetrical triangle formation beginning to form
- Secondly the purple shaded area is a significant monthly support as well as being a previously strong resistance zone
- To look for a price to take profit the 0.5 Fib level (69.862) is a very realistic area to target
However if there are signs of continuing momentum through the 0.5 level a secondary TP would be the 0.382 Fib Level (70.678)
Before any positions are taken I will be waiting for a candle to close outside the triangle formation.
*very new trader and any comments are more than welcome*
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