NZD vs JPY Long Idea 11-21-13

FX:NZDJPY   New Zealand Dollar / Japanese Yen
197 1 0
Traders I am looking to the long side of the NZD vs JPY and I get that bias from price being above the Kumo which gives us a bullish sentiment. The blue line on our chart is our Kijun Sen and that acts as our trend line so if price crosses the Kijun we say be aware of possible trend change. In this case i see that price fell below the Kijun after bouncing on the previous month high resistance level where traders were taking profit and getting out from long positions thus the sudden decline in price. The long term swing traders who are going with the trend of the higher time frame will continue with there long positions and there we should attack the previous month high level again. On the daily time frame price is sitting above the Kumo and the daily Kijun therefore giving strong resistance to the downside. If this candle can close above the kijun we will be in our long position and ride this to the previous month high. A breakdown would warrant price falling below the Kumo thus changing our bias and then all bets are off. Have a great trading day and God bless!

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