*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
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.