Short NZDJPY – breakout down from a consolidation in a bigger downtrend
Trading idea: stop sell order at 90.15, Risk-Reward = 2.22
SL@ 90.60 (-45), TP@ 89.15 (+100)
NZDJPY was rejected by 91.80-92.20 and is since then in a downtrend on 4h and 1h with 20EMA as dynamic resistance.
- currently consolidation between 90.20 and 90.50
- breakout under 90.20 should start the next move down till 89.00-89.15
- after the breakout and the first rejection of 90.20, one could use 20-EMA as trailing stop (more conservative risk-reward approach)
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