NZDJPY Daily S/R| Dynamic Support|Liquidity|200MA|Price Action

Evening traders,

Second analysis – NZDJPY – rejection from Daily S/R currently trading in a small equilibrium with the dynamic support being the immediate target,

Points to consider,
- Macro Trend Bearish
- Daily S/R Resistance
- Dynamic Support Confluence (200 MA)
- Oscillators Divergence
- Volume Declining

The macro trend is bearish with consecutive lower highs, price is currently establishing a probable bearish retest. This allows us to have a bearish bias on the market.

The Dynamic support is the immediate target as this area has technical confluence with the 200 MA & EMA. Price is likely to test for liquidity in this region before a probable impulse up.

Both oscillators are diverging, technical bearish divergence; this shows weakness in the market as price fails to break daily S/R.

Overall, in my opinion, NZDJPY is a valid short with defined risk. Price action is to be used upon management/ discretion.

Hope this analysis helps!

Thank you for following my work!

And remember,

“The expectation that you bring with you in trading is often the greatest obstacle you will encounter.”
― Yvan Byeajee