NZDJPY Sell Trades are still valid
I mentioned about selling NZDJPY at 73.25 in my previous analysis. As you can see we are already 50 pips down from that point and I believe there is a long way to go.
NZDJPY rally failed at two crucial areas:
1) The 100 Week EMA
2)Descending Trendline Resistance.
In addition to the technical factors, there are other fundamental aspects such a correction in the stock markets can happen very soon which will lead to a sell-off in risky assets like NZD.
So, I will continue to sell NZDJPY in the 72.75-73.50 area with SL above 74.
If the trade goes into profit, we can take profit at 72, 71.30 and 70.02.
NZDJPY rally failed at two crucial areas:
1) The 100 Week EMA
2)Descending Trendline Resistance.
In addition to the technical factors, there are other fundamental aspects such a correction in the stock markets can happen very soon which will lead to a sell-off in risky assets like NZD.
So, I will continue to sell NZDJPY in the 72.75-73.50 area with SL above 74.
If the trade goes into profit, we can take profit at 72, 71.30 and 70.02.
Comment:
First TP reached
Comment:
TP2 at 71.30 also reached
Comment:
Going in the direction I indicated in my chart
