HayatoDragonFX

NZDJPY, 4hr tf, buy on support retest

Long
FX:NZDJPY   New Zealand Dollar / Japanese Yen
Hello my friends,

Another setup for starting November is NZDJPY pairs.
Don't forget to check my NZDJCHF post as well

If you find my post useful, please give me thumb up and follow me for next update regarding all my positions.

After marking my horizontal support and resistance , we continue to mark potential pattern.
If we look at the bigger time frame, NZDJPY looks like it is moving inside a sideways channel and we are now exactly on support.
The support i pay a close attention to is 69.00 as this is an area of confluences.
A lot of support meet here so buyers might want to try defending this area.

I am going to try buying NZDJPY at 69.00 as that is the exact point where so many support meets.

Buy NZDJPY 69.00
Stop loss 68.55
Take profit 1 at 69.90 (2R)
Take profit 2 at 71.30 (5.2R)

Use only 1-2% risk
Good luck

Trade closed: target reached: closed now at 69.90
we got +90 pips from this trade banking +4%

Comments

thanks for sharing! this is my view on NZDJPY:
Reply
@FXCM, nice view. Let's see how it turns out as i am more bullish in NZDJPY than bearish for now
Reply
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