NZDJPY Bearish
Updated
With stronger JPY lately (esp after last Friday's US strike in Syria) together with another risk-haven gold, and no signs of recovery yet for NZD, this pair is more likely to continue being bearish. I've setup a higher stop order in MT4, and a late but more conservative version here in tradingview, few pips below current period's S1 pivot line, with TPs at S2 and S3 respectively, and SL near base pivot line.
dailyfx.com/forex/market_alert/2017/04/07/Japanese-Yen-Gold-Prices-Rise-as-US-Strikes-Syria.html
seekingalpha.com/article/4061369-usd-jpy-trade-make-right-now
dailyfx.com/forex/technical/article/cross-market_technical_update/2017/04/11/USDJPY-Short-Term-Downtrend-Resumes-WEgsi.html
D:
W:
Confidence: B (though sentiment, fundamentals and technicals are aligned, there's a possibility of a recovery/reversal soon since most hedge funds are betting a weaker yen in the long-run, and if AUD recovers again sooner, NZD might follow suit)
dailyfx.com/forex/market_alert/2017/04/07/Japanese-Yen-Gold-Prices-Rise-as-US-Strikes-Syria.html
seekingalpha.com/article/4061369-usd-jpy-trade-make-right-now
dailyfx.com/forex/technical/article/cross-market_technical_update/2017/04/11/USDJPY-Short-Term-Downtrend-Resumes-WEgsi.html
D:
W:
Confidence: B (though sentiment, fundamentals and technicals are aligned, there's a possibility of a recovery/reversal soon since most hedge funds are betting a weaker yen in the long-run, and if AUD recovers again sooner, NZD might follow suit)
Note
Watching closely because of this news:dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2017/04/12/Yen-May-Erase-Gains-if-Russia-US-Find-Common-Ground.html?DFXfeeds=forex:fundamental:daily_briefing:session_briefing:euro_open
Since NZD is still weak regardless, waiting for a hit in TP1 at least.
Trade closed: target reached
Thankfully TP1 was hit before reversing for good.
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