NZDJPY has formed a 100 score bearish engulfing pattern on the daily time frame. The significant bearish engulfing is in the direction of the long term down-trend. A very strong Bollinger Band out-break confirms this setups. A move down will confirm the start of impulse wave 5. Strong support formed at 79.3. SL set above previous highs. TP set at strong support. 1:6 risk to reward ratio. I will close this trade upon the close of the first opposing significant engulfing.
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Price was quickly rejected at the middle Bollinger Band (20SMA) on the weekly time frame.
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For a very low risk entry you may set a sell limit (blind entry) at the 50% retracement level of the bearish engulfing candle when measuring the daily high of the entry candle to the low. (Half of the engulfing candle's total length) A confirmation candle will further confirm this setup.
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Here is the current elliot wave count. It appears wave 5 has started.
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-83 pips loss. There is still a possibility to short this pair if another bearish engulfing pattern is formed with a strong Bollinger band outbreak.