NZD/JPY SHORT & BEAR PLAY

NZD/JPY has been on three months ascending channel but luck ran out for the bulls as the market broke out of the channel after meeting strong monthly resistance, the market broke out and retested with a long bearish candle on the daily TF with the 200 EMA crossover to the downside. Reasons for shorting this pair;

1. Ascending Channel Break
2. A retest of the channel
3. 200 EMA cross over to the downside

Comment:

We favour a sell entry at 75.612 SL 76.070 TP1 74.718 TP2 73.995 TP3 73.225 TP4 72.048 TP5 70.870