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NZD/JPY forming the last leg of a weekly 'M'

Nzd/Jpy seems to me to be a typical case of PA - price action,
if we take a look at the weekly chart;
the price has moved below the weekly trendline upward after some weeks of sideways action or consilodation
and is forming a M-pattern - a bearish pattern indicating a reversal:
Nzd/Jpy weekly chart
On the daily chart we find that the move down from the top of the last leg of the M-pattern
leads to a fibonacci expansion area of 61.8% that lies just below 85,
the same area as where the last leg sh…
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AdamFx42 avatar
AdamFx42 3 Sep.

Price moving a bit higher, but I expect it to stay below 88
because a stronger move up would cancel the weekly  'M' pattern

AdamFx42 avatar
AdamFx42 11 Sep.

On its way down again now after a retest of lower weekly border

AdamFx42 avatar
AdamFx42 27 Sep.

even more Nzd weakness may still lead to target

AdamFx42 avatar
AdamFx42 29 Sep.

Yes - the 'M- pattern on the weekly chart has been formed just in time,
price is just 10 pips above target just now

AdamFx42 avatar
AdamFx42 1 Oct.

unfortunately - for no real reason - Nzd is moving higher, and price has moved away,
need a drop in Usd/Jpy - for example- to break lower again

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