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Norwegian Krone / Japanese Yen

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NOKJPY trade ideas

JPYNOKDemand zone ahead, possible retracement, long opportunity. Stuff to remember: — First look for significant move, then follow it to its origins where you might find a suitable level to evaluate further — Make sure the initial move is significant on the same timeframe as the one you use for viewing your candidate level most clearly — Check the distance that price traveled before the trend ended, longer distances mean larger initial imbalances and improved probabilities in the future — The strong initial move can contain a few small retracements but not so many that make this move slow and weak — Avoid opposing levels on the same and immediately higher timeframes, prefer to have a clear road ahead for your trade to run — Make sure your level is placed correctly (low for Demand, high for Supply) in relation to the big picture's important tops and bottoms — Trading the first return of price to a valid "fresh" level carries the highest probabilities due to the larger imbalance — A valid level is considered "fresh" if price has not returned to it since its creation. It has nothing to do with how old the level is
Long
by tradewonk
SHORT NOKJPY DURING STERILIZATION BY CENTRAL BANKSAfter reaching the upper medium term band for 15 % width of band as permitted by the monetary policy, the Norwegian central bank and the BOJ undertook market sterilization to slower the strengthening of the NOK in the market. Accordingly, short the current sterilization (short term band) is feasible with the following details: Short at 14.00 and the current rate 13.80 Stop loss at 14.17 Target T1. 13.55 T2. 13.00 Duration: 2-3 months Risk Management: After visiting the level of 13.50 manage the stop loss to entry rate for risk free trading position management Note: To follow up and evaluate the performance of this analysis please click the chart periodically and then >, to include any updates on the analysis as may be made during the trading.
Short
by Johanes
Open your horizon for good tradesWhen markets are uncertain and major pairs and ordinary crosses are hard to trade due to whatever cloud that hangs over them - it is time to look elsewhere for trades for a while. This is one example. NOKJPY has spiked down to make a multi-year-low, but the structure you see on the chart is fighting back. If you trade based upon trend lines you see that there is still a downside risk.but the upside potential is huge as well. trade this one based upon the monthly open as I do. If you dont know how to then just pm me and I will tell you how to.
Long
by FOREXEL
JPY/NOK - Bearish Three DrivesHope everyone enjoyed their weekend, let's get into the charts ready for the week ahead. Here we have JPY/NOK on a Daily chart forming a three drives pattern, as we can see from previous price movement the pair has been trading within a channel. The three drives pattern is one of my favorites, when trading them it’s important to take a step back and look at where you are in terms of the overall flow of the market. Typically this pattern forms with trend, in this situation it's an uptrend. The measurements for a valid three drives pattern are detailed below. A-C: 1.272-1.618 X-B: 0.5 - 0.886 C-E: 1.272 - 1.618 B-D: 0.5 - 0.886 We are approaching a key level of resistance around the 0.07900 area just below our E point, the chart is shown below. There are also a variety of M patterns forming on different time frames. Once we complete the E leg we will be entering a short position, if you have any additional analysis on this pair please feel free to comment below.
Short
by LewisGlasgow