NZD/JPY - TEXTBOOK SETUP

A textbook long setup. The pair made a strong impulse up followed by a Flat correction (yet to be completed). Currently the pair is forming the final C leg of the sequence and it's a textbook setup for the reason that it happens to be an ending diagonal which further confirms that the correction will soon be over. The Stochastic on the Weekly is already heavily oversold and starting to form Bullish Divergence. The possibility exists that it will just continue the upward move from where it is now but I think breaking the bottom first and then shooting up is a more likely scenario.

Refer to the Related Ideas section for my previous NZD/JPY idea

My personal details:
Long @ Entry: 75.85, SL: 75.00, TP: 83.55, RR:9

Comment:

For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.

Comment:

The similarities between this pair and NZD/CHF are quite remarkable