NZDJPY Head And Shoulders Pattern Provides Sell Opportunity
Hi Traders! NZDJPY head and shoulders pattern provides sell opportunity for us. In the below video you will find a detailed explanation of this sell opportunity:
NZDJPY H4 Chart:
On the H4 chart the price has created a head and shoulders pattern, this pattern is coming after bullish momentum and we also have hidden bearish divergence which we may consider as evidence of bearish pressure. The price did break and close below the neck line, validating this head and shoulders pattern. Hence everything looks good here for the bears and we may now look for more bearish evidences on lower timeframes in order to join the bears.
NZDJPY H1 Chart:
On the H1 chart the price has created a double wave and it has now reached the 61.8 fibo level. Currently it looks like we have a bearish divergence that is forming at the moment. Once the bearish divergence completes itself, we may consider this as an evidence of bearish pressure and then we may start looking for sells with more bearish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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