NZDJPY nearing psychological round number resistance Short

New Zealand Dollar/Japanese YenFXCM

Description

⋅ Jul 6, 2014 9:23 AM

NZDJPY nearing resistance zone. 90.00 seems like a strong resistance zone.

Short NZDJPY 89.90-90.00
SL 90.50
TP1 88.00
TP2 86.00

Comments

Technician

⋅ Jul 6, 2014 11:56 PM

I love the attractive risk-reward for this trade. I would like to see a bearish confirmation to initiate a short position

Forex_Positive

⋅ Jul 7, 2014 8:13 AM

Yes, the risk-reward is very good for this trade. A small stop for a potentially large profit. What bearish confirmation would you be looking for?

Technician

⋅ Jul 7, 2014 9:18 AM

I don't have a preset criteria, but usually i see how price develops, for example, a nice pin bar would do the job, or an hourly double top formation.

Forex_Positive

⋅ Jul 7, 2014 10:25 PM

Thanks! :)