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.
Note
First TP reachedNote
TP2 at 71.30 also reachedNote
Going in the direction I indicated in my chart
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