The market risk-on sentiment will likely burn out and this is probably a stop hunt for all the sellers who were shorting the 71.50 to 72.40 zone. Wait for price to re-enter the longer-term downtrend, then take a short position.
NZDJPY Short
Entry is valid as long as price is below 71.50
Entry: Sell Stop 71.50
SL: 72.50 (-100)
TP: 69.60 (+190)
Note that nothing herein shall constitute as investment advice. Trading in CFDs carry a high level of risk and losses can exceed deposits. Do your own due diligence and manage your own risk.
NZDJPY Short
Entry is valid as long as price is below 71.50
Entry: Sell Stop 71.50
SL: 72.50 (-100)
TP: 69.60 (+190)
Note that nothing herein shall constitute as investment advice. Trading in CFDs carry a high level of risk and losses can exceed deposits. Do your own due diligence and manage your own risk.