Another setup for starting November is NZDJPY pairs.
Don't forget to check my NZDJCHF post as well
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After marking my horizontal , 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
we got +90 pips from this trade banking +4%