NZDJPY is breaking levels in recent weeks and forming a nice bullish trend on the intraday price charts. Since breaking through 74.00 price has gone on to make new higher highs and higher lows and is now retracing.
There are a few key indicators supporting a buy in this area including my own Volatility indicator which is starting to pick up high levels. This hints at a new market low occurring in this region.
I think this could be a good chance to buy the dip around 74.500 and trade the next bullish wave up to new higher highs. I have two targets in mind using technical analysis tools to forecast this.
TP1 = 76.00
TP2 = 76.650
Stop loss below the previous lows for conservative trading. I think so long as a new higher low is made around this level then it is good to buy for the next wave.
There are a few key indicators supporting a buy in this area including my own Volatility indicator which is starting to pick up high levels. This hints at a new market low occurring in this region.
I think this could be a good chance to buy the dip around 74.500 and trade the next bullish wave up to new higher highs. I have two targets in mind using technical analysis tools to forecast this.
TP1 = 76.00
TP2 = 76.650
Stop loss below the previous lows for conservative trading. I think so long as a new higher low is made around this level then it is good to buy for the next wave.
Trade active:
Trade entry order triggered @ 74.500
Comment:
Nice accurate entry. Stop loss moved to entry price now the trade is +50pips