NZD/JPY 18.10.2016 D1 chart.
Downtrend and correctio to 23,6 Fibonacci.
Price below resistances - diagonal and horizontal.
Technical indicators:
False break of 200SMA - negative signal
H4 chart:
Price action: 2 pin bars spinning tops for probabale reversal and downward movement
CCI(50) and DeM(14) - reverse in overbought zone - negative signal
SL: 75.50
Alternative scenario: Break above 200SMA on D1 chart will negate the negative formation.
Jr. Trader Nikolay Georgiev
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