NZDJPY: Two Scenarios & Your Trading Plan (indecision)
Very peculiar market sentiment on NZDJPY:
the price is trading in a long term bullish trend
and currently testing a current year's high.
Being a trend follower,
to catch the next swing move, follow an ascending triangle .
In case of a bullish breakout of its neckline,
chances will be high to see a continuation to new highs (at least 80.7)
Being a counter trend trader,
wait for a bearish breakout of a rising parallel channel .
It will most likely trigger a retracement leg at least to 78.0 level.
Are you on trend following side or do you prefer a counter trend trading here?