NZD/JPY Trading Analysis (28/08/2024)
The trend is descending. The bulls are climbing to 200 EMA on the H4 timeframe. The ascending wave structure is truncated. There is a bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals an overbought condition.
Trading idea:
- Sell when the formation of the downward wave structure, when the wave A breaches the sloping channel of the ascending truncated structure.
- Stop-loss at 90.320.
- Price targets at 88.680 and 87.400.
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