informedtrades
Long

Building As Big of a Short Yen Position As I Can

FX:NZDJPY   New Zealand Dollar / Japanese Yen
116 0 2
The past few days I've shared my trades that the yen will continue declining in value, and that now was the time to short it. Specifically, I have trades on to go long AUDJPY             and CADJPY             , and a pending order to go long GBPJPY             . And now, I'm adding a long NZDJPY             trade to this as well.

By now the setup is familiar: the pairs were all trending up, but have recently pulled back to the 50 SMA , which is near a horizontal support level , and where price is forming doji candlestick patterns -- a classic sign of weakness. So I'm going long at 88 (about where the 50 SMA is), with my stop at 87.35, which is a few pips below the recent swing low. My target profit is 90.50, which is based on the AB=CD projection on the chart. I'm risking 65 pips to gain 250, which gives this trade a reward/risk of about 3.846.

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