*please take note that a few hours from now there will be NZD news. This news has potential to cause a breakout. So be careful with taking a position before the news.
NZDJPY on the daily time frame shows on interesting setup that can either way. A break of the resistance will cause a nice move further up. However if it bounced back and breaks the lower range a new down trend will start.
Currently the 4 hour time frame shows a possible 20-40 pips retracement before continuing to go up.
Trade Plan:
Wait for a break-out to either direction. Alternatively if price bounced back to the lower range but doesnt break it, this means the 4 hour time frame retracement has been completed and price will go up.
Use a 60 or 80 pip stop loss
Buy take profit: 81.30 > 82.50
Sell take profit: 77.90
NZDJPY on the daily time frame shows on interesting setup that can either way. A break of the resistance will cause a nice move further up. However if it bounced back and breaks the lower range a new down trend will start.
Currently the 4 hour time frame shows a possible 20-40 pips retracement before continuing to go up.
Trade Plan:
Wait for a break-out to either direction. Alternatively if price bounced back to the lower range but doesnt break it, this means the 4 hour time frame retracement has been completed and price will go up.
Use a 60 or 80 pip stop loss
Buy take profit: 81.30 > 82.50
Sell take profit: 77.90
Trade active
Trade closed manually:
Took 20 pips profit.
Price is retracing and close at current price will invalidate a good break-out
Price is retracing and close at current price will invalidate a good break-out