$NZDJPY has a nice chart signal here, we have already entered longs, but it may give us a second chance to enter or add to longs on dips today or tomorrow. Stops have to be at least below today's open, or slightly lower. Target range is detailed on chart, both time and price. I guess $XAUUSD will be sideways or down for a few days, while $USDJPY rallies. Tomorrow Powell will give a speech, and the RBNZ will publish a monetary policy statement and interest rates decision, as well as publishing inflation expectations data.
The $NZDJPY crooss pair offers a more interesting vehicle to ride the move in #USDJPY with better risk/reward than the majors. You could try to capture upside in risk on assets, the $NZDUSD, or $AUDUSD pairs, or shorting risk off assets, but it might be riskier than this trade...specially considering the relative strength of the New Zealand dollar vs the Aussie dollar for instance (which made me choose this pair over the $AUDJPY counterpart which might also be viable).
Best of luck,
Ivan Labrie.
The $NZDJPY crooss pair offers a more interesting vehicle to ride the move in #USDJPY with better risk/reward than the majors. You could try to capture upside in risk on assets, the $NZDUSD, or $AUDUSD pairs, or shorting risk off assets, but it might be riskier than this trade...specially considering the relative strength of the New Zealand dollar vs the Aussie dollar for instance (which made me choose this pair over the $AUDJPY counterpart which might also be viable).
Best of luck,
Ivan Labrie.
Trade closed manually:
Probably a good exit if still long.
Probably a good exit if still long.
