After five days of declines and breaking a key support area at 80.50/70 NZDJPY stopped at the next level of support at 78.90.
An upward correction, which we are witnessing now can be used to search for sell opportunities, in line with prevailing momentum. For this purpose may serve price action strategy Lows and Highs.
On chart H4 is shown zone (location), in which I will be looking for an opportunity to take a short position. Ideally, if the signal appeared in the area of resistance between 80.50 – 80.70, which intersects line of downtrend. Interesting place to return to declines is also area of bearish gap, which coincides with 50-percent abolition of the last bearish impulse.
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