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Short-term Trading Idea FX NZDJPY – Wait and See: Supplement to CADJPY Idea

Trading opportunities for currency pair: for a start, NZD/JPY needs to correct itself up to the 89 marker. At this level there are minimal risks for open long positions. In case of a fall to less than 89 yen for the New Zealand dollar, it will continue to fall to 87.35.

Here I’m going to write about economic indicators. It’s not even a trading idea but more like an appendix to my review of the CAD/JPY. On Friday, both crosses closed down but their daily price models differ.

The New Zealander has 100 points until the trend line. If the NZD/JPY falls to 89, then before it does, the CAD/JPY will break the limit: it only has 27 points left to get there. This is where you need to see if there’ll be a false break on the CAD/JPY or not.

From the current situation, it’s possible to suppose that the NZD/JPY will shift to 92.88 along the trajectory of an upward triangle. If the trend line will be broken, the bulls won’t avoid a concession back to 87.35. Consequently, it’s possible to consider two different scenarios. The first: buying the New Zealand dollar from the 89 trend line, counting on a growth to 92.88. The second: a break and fall to 87.35

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Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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