NZDJPY: Potential downtrend continuation

FX:NZDJPY   New Zealand Dollar / Japanese Yen
The gap up gave a tighter entry in this pair. If you didn't short at market open, you can enter on a break of Friday's close or Friday's low, or at market, depending on your risk appetite. Stop loss should be as depicted on chart. If we break down with sufficient force, the monthly downtrend target on chart might get hit.
If this downtrend is to pan out, we'll be returning to a monthly uptrend mode below, which acts as a magnetic level, once the level above is broken down convincingly.
I like how the price action around the previous RBNZ rate cuts has given us clear indications of where the range would get capped, and it seems to be the case once again.

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Ivan Labrie

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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance             on such information.
Comment: This one was painful, briefly, but moving well now.
Comment: You can cover 2/3s of the trade and move stops to entry price.
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