NZDJPY had a bearish day yesterday. The price after being very bearish on the H4 chart had an upward correction. The price seems to have found its resistance from where the current H4 candle heading towards the South. If the price keeps pushing towards yesterday’s lowest low and makes a breakout, then the sellers may get an opportunity to sell the pair and make some green pips. Let us have a look at the H4 NZDJPY chart. This trade idea was generated by our powerful Elite Swing Trader System.

The chart shows that the price had a bounce at the level of 67.985 and went towards the upside to have the correction. The last H4 candle has been bearish. The candle has had a rejection from the level of 68.425. If the price keeps coming towards the level of 67.985 and makes a breakout at the level, then the sellers shall wait for a pullback up to the breakout level and an H1 bearish engulfing candle to go short on the pair. Let us have a look at the summary of the trade...

• Sell Stop Order: 67.962
• Stop Loss: 68.381
• Take Profit: 67.480

The NZD has been very active since yesterday. The NZD was bearish against all the currencies and it may continue its bearish journey today as well. The bearish wave that we are anticipating here may land at a major level of support. A big decision is to be made there. Let us wait and watch how it ends. Meanwhile, let’s look for short opportunities on the pair. For more trade ideas, join the Price Action Society... If you like our analysis and would like to receive 3 to 7 trade ideas per day, then click here to learn more about the Price Action Society.