IvanLabrie
Long

NZDJPY: At a critical juncture

FX:NZDJPY   New Zealand Dollar / Japanese Yen
NZDJPY             had a potential short setup under resistance but it's proven to a very strong advance so far.
I'd like to see price move and close above the new 8 bar mode that it has built higher, and eventually signal a time at mode trend trade. The risk/reward of said long would be optimal if price manages to climb above the resistance, and validates the weekly forecast, which implies targets as high as 86.52 or even 88.96.

See the weekly chart below to better illustrate the current scenario:


Currently, buyers have stepped in at the range expansion support level signaled on chart, and rgmov is in a daily uptrend, so my bias is still long.
It's very hard, emotionally, to buy into strength, but if NZDJPY             proves it can break the resistance above, this would be a very compelling trade as to miss it.

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Cheers,

Ivan Labrie
Time at Mode FX
Analyst at Concord Bay dot com
Trade active: Entered long at 81.361.
Trade closed manually: Booked profits, will reload when safe.
Comment: Looks to be building for a move up, albeit briefly. Not sure yet.
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