The NZD/JPY has been in a downtrend since early february. Based on our trading plan, we have identified a trend continuation opportunity.
In order to engage we must wait for the price to pull back towards the 76.500 area in order to have a more favorable reward/risk ratio.
Entry point, stop and targets are indicative and not to be taken exactly since the trade setup is yet to be confirmed !
In order to engage we must wait for the price to pull back towards the 76.500 area in order to have a more favorable reward/risk ratio.
Entry point, stop and targets are indicative and not to be taken exactly since the trade setup is yet to be confirmed !
Comment:
NZD news drove the pair to violate stucture around 76.58. Price did not hold in a sustainable way above that level and it fell right back through it. We are looking for price action to retest the 76.5 level. If the level holds, we can think about a short opportunity with a pretty good reward/risk profile.