Forex Signals

NZDJPY Progress in a Potential Leading Diagonal Pattern


The NZDJPY cross in its hourly chart illustrates the progress in a potential leading diagonal pattern. This Elliott wave formation calls for further upsides in the coming sessions.

According to Elliott wave theory, the leading diagonal is a five-wave formation subdivided in a 3-3-3-3-3 internal sequence, in where its five segments overlapped one each other tends to appear in a first wave.


Our bullish scenario considers the upside corresponding to its fifth wave of Minute degree identified in black, from the level 64.035, with a potential profit target at 65.830. The invalidation level locates at 63.184, which corresponds to the end of the second wave in black.


Trading Plan Summary

  • Entry Level: 64.035
  • Protective Stop: 63.184
  • Profit Target: 65.83
  • Risk/Reward Ratio: 2.39
  • Position Size: 0.01 lot per $1,000 in account.

By Eduardo Vargas

Eduardo Vargas is a technical analyst and independent trader based in Buenos Aires, Argentina. He is an Industrial Engineer and holds a Master in Finance degree. In 2008 began to trade Chilean stocks listed on IPSA. From 2013 started to trade CFDs on Forex, Commodities, Indices and ETFs markets. He analyses different markets combining the Elliott Wave analysis with Fibonacci tools. He provides a market mid-long-term vision.

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