NZD/JPY Trading Analysis (21/10/2024)

The trend is ascending. The downward wave structure is truncated. The currency pair is trading in the range between 365 and 135 ЕМА. The Stochastic Oscillator signals an oversold condition.

Trading idea:

• Buy at the beginning of the formation of the ascending wave structure, when wave A breaks the sloping channel of the descending truncated structure,
• Stop-loss below the local minimum of the descending wave structure.
• Price targets at 91.100 and 91.300.

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