NZD vs JPY Long Trade 8-19-13

FX:NZDJPY   New Zealand Dollar/Japanese Yen
152 0 0
Looking at the NZD vs JPY on the 4 hour time frame we see price extending after a pullback. Currently price is sitting right at the most previous fractal resistance level at 79.426. With a break and close above this level we would be expecting price to continue trending upwards. Our immediate level of concern would be the Daily Kumo resistance level @ 79.666 Once price violates the daily Kumo resistance we would look to the next immediate fractal resistance level @ 80.435. At this level I expect price to honor this level before eventually breaking out and extending upward for a nice long term trade. Our more short term trade listed shows entry @ 79.387 with a stop @ 78.959 and profit target @ 80.306
With price above the Kumo and all Ichimoku signals bullish we have no reason to be thinking about short trades at this moment. Have a great trading day and God bless!
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