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NOKJPY: Long term trading plan.

FX_IDC:NOKJPY   NORWEGIAN KRONE / JAPANESE YEN
The pair is trading within a standard Channel Down on the 1W chart ( RSI = 38.708, MACD = -0.485, ADX = 41.103) since 2013. Three weeks ago it made contact with the Lower Low trend line of the Channel Down and priced a Lower Low. Naturally it has been rebounding since and is close to the 0.382 Fibonacci (14.000 as the High).

The sequence is similar to the last Lower Low it had in June 2016, which after touching the 0.382 Fib, got rejected back to its 0.618 and then made a top on the 0.5 (from its November 2014 High). If the same sequence is replicated, then we should use the 0.5 - 0.618 Fib range (9.850 - 10.150) as the Dip buy Zone and buy every pull back towards the 0.5 (11.500). Then every rise will be the opposite, i.e. a sell opportunity towards 9.000.





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