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Short

NZDJPY Trend Continuation Short Set Up

FX:NZDJPY   New Zealand Dollar/Japanese Yen
Although this pair has been quite choppy it clearly has an overall bearish bias to it. You can see marked in red that this pair is continually making lower highs and lower lows. In addition to the clear down trend, the JPY has been very strong across the board in other JPY associated markets. For these reasons there is absolutely no sense in attempting to buy this pair at this time and for that reason we are only interested in finding short set ups. We can look to follow the down trend by waiting for corrective pullbacks to end and for price to roll over and continue in the down trend.

Price has been in a corrective pullback for quite some time now as depicted by the short term blue up trend drawn on the chart. If we see price convincingly break out of this pull back to the downside we may be able to open up a short position and ride with the trend to re-test the previous low or potentially make a lower low.

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I am currently short this pair, it has been quite choppy. Hope a rate cut in NZ bring this pair further south. Where would you place a SL here?
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its really hard to short nzd pairs .. nzd is born bullish lol
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lol well we will have to just wait and see. IF we get this set up we will go short.
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