NZDJPY is on a sideways movement from an uptrend. There is an RSI bearish divergence seen. It can complete a bearish butterfly around a trendline resistance. This pattern is in confluence with a bearish bat having a similar potential reversal zone. Upon confirmation of the bearish bias at that level, I will go short. Stop loss is just above 161.8 Fibonacci extension of the XA leg. The take profit target is set at the 61.8 Fibonacci retracement level of the AD leg. Tentative details are as follows:
Trade Setup: Possible Bearish Butterfly
Price Entry 77.620
SL 78.039 | SL pips 41.9
TP2 76.782 | TP2 pips 83.8
RRR2 2.00
Trade Setup: Possible Bearish Butterfly
Price Entry 77.620
SL 78.039 | SL pips 41.9
TP2 76.782 | TP2 pips 83.8
RRR2 2.00