AlexJaensson

NZD/JPY Sell off resistance

OANDA:NZDJPY   NZD/JPY
Price action on this pairing is giving us so many good opportunities to make solid trades off of such a clean channel pattern.

With Long term resistance remaining essentially breach-proof during this consolidated bear/flat channel since the beginning of February, the time to trade it short off the D TF is right about now.

My stop loss is even with the previous uptrend's candle wicks. (75.925)
My profit target will be triggered if price can fall to 74.835

That is a risk/reward ratio of exactly 1/2.3, and would provide a profit valued at 74 pips.
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