Trend is getting weaker on NZDJPY and in my opinion it will decrease in near time. However there can be some opportunity to open long position consistent with bullish trend. Looking at wider time frame there is still active bullish trend and what’s most important, respected support in 80.30 area. Its breaking can mean at least big correction if not the end of trend. I think it will be strongly defended.
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You can see potential chance on H4 time frame. Currently close to the support we can see Pin Bar candle, below it we could set order. However there is still some place for support as you can see price was lower before. We can wait for another, better signal or play with SL below support area (80.20). It look like it is better idea to wait for full test of area and after reaction of market decide whether to open position or not. When you will estimate potential range of growths, don’t be too greedy, you should be aware of problems next to last highs, there is also local resistance around 81.50. You can earn 80 to 120 pips of profit, with low SL it will have good RR.
