NZDJPY: Two Scenarios & Your Trading Plan 🇳🇿🇯🇵

18 May 2021

Very peculiar market sentiment on NZDJPY:
the price is trading in a long term bullish trend
and currently testing a current year's high.

• Being a trend follower,
  to catch the next swing move, follow an ascending triangle.
  In case of a bullish breakout of its neckline,
  chances will be high to see a continuation to new highs (at least 80.7)
  
  
• Being a counter trend trader,
  wait for a bearish breakout of a rising parallel channel.
  It will most likely trigger a retracement leg at least to 78.0 level.
  
  

Are you on trend following side or do you prefer a counter trend trading here?