I have been waiting for a decent long term short entry on NZDJPY for some time. Since the original sell off at the end of last year, price as been correcting and forming a large bearish wedge continuation pattern on the daily/4hr chart.
We have now seen this wedge broken out of to the downside with a 4hr lower low made.
I am now looking to enter on the next 4hr lower high which should then coincide with a retest of the broken wedge trendline and the Fib 0.618 or Fib 0.786 retracement levels.
I will only enter when I see these retracement levels holding strong.