justatrader

NZDJPY - Short the bearish flag.

Short
FX:NZDJPY   New Zealand Dollar / Japanese Yen
There's a lot on the charts.

- Firstly: Daily charts show a longer term wedge break out to the upside with no test of the broken resistance for support. Incidentally, this very support falls within the target of the bearish flag at 89.5 (rounded).
- H4 Charts, trend line is broken and price could now rally to retest the break out level, which is where we short.
- Trade (including the flag analysis) would be invalidated if price pushes above 92.31 (so placing a safer stop at 92.37).
- Fundamental risk: BoJ Mon. policy
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Week 2:
Fx: 354Pips profits
Gold: 15 points loss

Week 3 (Last week's trades):
USDJPY: +290 Pips
AUDUSD: +72 Pips